Do the math.Also, you should be keenly aware that on this type of investments you have disabled the two main wealth generators of real estate: principal pay down and appreciation (both natural and forced).

I see other traveling nurses/therapists getting denied for loans due to the "temporary" nature of our jobs and low taxable rate.

It is hard because people naturally are not honest.

The alternative is a 17k loss.

Strategy would be to pour 2 slabs, 1 on each lot, and affix 2 pre-fab houses on the new slabs as an alternative to building from the ground up.  

Naturally someone with a lot of money but not a lot of time will want a piece of that return, so they contact me and we work out a private lender deal.

Alternatively, you can try other strategies like private lending, you will be the lender.

If, however, she has the ability to move in with your, or another alternative homestead temporarily, and get property 1 leased, she could use up to 75% of the rental income to qualify for the loan on house #2.  

Definitely makes sense given the subjective nature of the terminology.

My own disinclination to try something like this is because of the UPFRONT and RECURRING nature of the fees (regardless of whether I might find/buy any suitable deals before the NEXT fee is due)!