The failure to pay the security deposit after move-in is also a major red flag, as it signals either an inability or unwillingness to satisfy basic contractual obligations.As a best practice, at minimum, first month’s rent and the full security deposit should be collected in certified funds prior to granting possession.

Quote from @Frank Pyle: Yes, you are basically describing a value add bridge or construction loan that rolls into a takeout refinance once the new units are built and stabilized.

The buyer would not be paying full cost of land and home for the property, basically buying the structure and renting the land, which in most places its not the home that drives the price its the location/lot price. land leases exist today we see them in Hawaii and on deals I did in Baltimore there are land leases as well.the equity share we did in the SF Bay Area split the equity did not all go to the investor.. the risk for investor is the property does not apprecaite and or goes down their equity could get reduced 

It's a 'back to basics' market for sure.

With your income + credit + experience, lenders WILL compete for this.You’ve got:800+ creditHigh W2Experience in operations/asset managementA realtor rebate (which is basically free down payment)Stabilized assets, not heavy value-addsThat’s the borrower every bank wants.My recommendation (most realistic + easiest):Step 1: Lock all 4 under contract with extended closingsYou want 60–90 days if possible.Step 2: Go to 2–3 local/regional Arkansas banks and pitch the entire roadmapTell them:“I need short-term financing (6–24 months) on up to four 4-plexes with a guaranteed takeout via conventional OO loans every 12 months.”This language is what commercial lenders understand.Step 3: Use one bank to fund all four under a master note / line of creditInterest-only, 12–24 months, no prepay penalties.Step 4: Refinance each one every 12 months into your OO productFree up capital, rinse, repeat.Final thoughtYour plan is aggressive, but it’s far from unrealistic.

I bought a note from them last year and they basically held my hand through the process as I made a crucial mistake.

Most people get obsessed with the big picture stuff but skip the basics - like actually calling leads back or tracking what's working vs what isn't.

Learning Arizona landlord-tenant laws early and getting comfortable with basic organization and accounting will put you ahead of most people your age.You don’t need to have everything figured out right away.

that's basically all on you. 

We started with a turnkey rental to learn the basics and build confidence, and now we’re beginning to explore more creative strategies, including seller financing, as we work toward adding our next property.