leveraging home equity for new build/rental

[Jessica Fagan]

Ok, so I have bitten the bullet and gotten a HELOC for 120K. We have been searching for a house to flip, rent and refi out in AL preferably on a lake to AirBNB. We have not been as lucky to find something so we have been looking at alternatives. We have found a property that we love, but the cost is higher than we would like at 70K. That would leave us tighter on the build of a tiny home than we would like. The owners have other land near this plot and our future plan would be to build a tiny home, rent, refinance, and repeat in the same area. I am concerned about the refinance as the property cost is higher and just not sure how the value of the property will pan out. We can not find any really great comps as the rest of the properties are cheaper, but they are restricted properties (no tiny homes). My question is should we keep looking for a home to reno or other properties? Does anyone know how to find the properties actual value verses a restricted property? Do restrictions even matter to the actual value for comps? Side note we have asked if they would take less for the property and they declined.