Although the nature of repairs is generally somewhat ongoing, you know?  

Does rules maybe just apply to make a very fast draft.

I own a few beachfront vacation rental condos but an investment of this nature is way out of my wheelhouse.

Yes, it's a complicated application process whereby you apply for the LIHTC prior to construction.  

While it might seem like a natural fit, how does one "close the sale?" 

I know In California for residential properties you need a transfer disclosure statement, lead based paint, natural hazards, etc...but what about for vacant land? 

We're taking our profit and putting it into a bathroom remodel and then will start applying it towards principal.  

You have to tie it to an index like a T-bill or the prime rate in the beginning.That’s probably going to affect all but three to five percent of individuals who carry back notes.Remember that these restrictions only apply to seller-carryback transactions on propertiesthat have a dwelling that the buyer will use as their primary residence.

If the first person applied first and qualifies nicely, go with that person.  

My advice to my past self, too often I have not followed real estate advice or rules-of-thumb because "that advice doesn't apply to my situation" or "it will be different for me because _____".The reality is, the rules of thumb DID apply to me and I would have been better off to heed the advice I had been given.Good luck to you!