@Arturo FuentesEarnest money is really designed for traditional transactions.

I have a background in interior design and I was itching to put it to use on my own investment.

Any advice for getting started with location, land, designers, contractors, loans, etc?

There is a Certified 203k Contractor in the New Orleans area called Banner Construction or Banner Property Management. 

Get the best image of the property you can, and have it printed on a 4X6 lightweight banner (like $30 at print shop) with some catchy phrase like "for rent by owner" in big yellow letters. under that, take the street number of the property (lets say the address is 4676 main street) and add text "FREE 4676 INCH TV"   lastly, CALL (phone number).

I guarantee you, once the suggestions start to build up here, all you will be is more confused.So, your next move should be to design/develop a REI Plan that is based on your financial needs (not wants) so that you never have to ask this question again,...this plan will tell you.

I'm in Washington and planning on taking my designated mortgage brokers exam.

Financing, Designing, Permitting, Building, Leasing, to Property Management.The Owner is also a CPA and they can offer a cost segregation study analysis to help you with your projections. 

In this method of transfer, your Mom's tax basis in the house becomes yours.The best tax outcome occurs if your Mom puts the house into a revocable trust and designates both you and your sister as beneficiaries upon her death. 

All hard money loans are designed to be short term.