You will very likely have a lower rate on the 22 acres and a higher rate on the 70 acres.If you want any portion of this property to be free and clear, the lender will have to release that bit of land from the mortgage that currently encumbers it. 

We will likely sell the house when the current tenant moves out so leaving the holes (even filled) is not an option. 

While this might seem like a downside, it's important to keep the bigger picture in mind.If you’re looking at a duplex in a good area, close to your work, and the numbers still make sense—even with those lower rents—don’t let that deter you.

We liked the TL home and nice lakefront view but here are some cons: pretty far/isolated, no real dining options outside and besides the music festivals/BNP tournament, didn't know if it would do well as a STR. 

If the property is gifted to you, your basis will be what their basis is.Their basis is likely their purchase price + improvements - depreciation taken.Best of luck.

Sounds like the PM isn't doing their full job.

It seems like the landlords around here and probably everywhere else run their properties into the ground and let somebody else take the hit.

With their appraisals do they loan based on the market appraisal or do they loan on what the DSCR supports like 1.3?

While I'm also looking around, I figured I might as well ask the nice folks on BP.If you have a broker you love or a policy you've used before, would you mind sharing that info?

Otherwise it sounds like you've got a great plan!