Best Option For Me To Finance House Next Door

[Danny N.]

Hello, I recently had my next door neighbor knock on my door and asked if I would like to buy the home before it gets listed for sale, and I would bc double lots are very expensive in my neighborhood. Anyways, I own my own business and tax wise, the wife and I only show give or take $15,000/month as we have a decent amount of write-offs + cash,etc. Anyways I bought an expensive rental condo last year and it was a struggle to get a mortgage bc of my income, so I had to put half down. Anyways here is my current assets and liabilities and I want some advice on the best way to purchase the home

Current Residence Value $1.2M debt $200,000

Rental Condo Value $650,000 debt $229,000

Rental home 1 Value $65,000 rented $800/mo cash

Rental home 2 Value $65,000 rented $850/mo cash

Rental home 3 Value $65,000 rented $950/mo cash

Rental home 4 Value $65,000 rented $950/mo cash

Rental home 5 Value $65,000 rented $500/mo(our maid)

Land Value $150,000 rented for $700/mo cash to a car lot

Land Value $150,000 rented for $350/mo to a small hair salon in a 400 sq ft structure

Also have a car financed at $1500/mo, i know i know cars are bad investments, well I have an incurable disease and im not going to live forever, so I put half down on my dream car, its an exotic and should appreciate anyhow, and financed the rest at 1.99% through chase private client.

So my issue is when financing the expensive rental was debt to income, as you can see alot of the rentals I have are lower income rentals and the people pay me in cash. My business has alot of cash too, small name brand franchise business. 

So now the property im looking to buy is $600,000, its basically at lot value, its a 1940s house on a lot, the house is useless and I want the lot to double the size of our lot and its a super prime piece of property in houston. Would you do a home equity loan? Would you do a HELOC? Would you try for a conventional mortgage?

Im just trying to finance this and know that with my taxable income its an issue, but looking at my assets the total properties are almost $2.5M and my debts are $429,000 on 2 mortgages + $70,000 or so remaining on my car. The car if it counts as an asset is still worth $250,000+

So thanks in advance on advice on how to finance this property