Subdivide and conquer

[Matthew Newby]

Your goals and story: 

I currently have a 1.3-acre parcel with a 2 bed 1.5 bath home that I built in 2013 as an unlicensed owner builder. Sweat equity paid off nicely, currently owe $99K on it and a recent BPO came back at $240K. I am now a licensed general contractor. The goal is to reinvest that equity into another build on this same property. I've got plans for a duplex as follows: 2 story 3 bed 2.5 bath on top of a 1 bed 1.5 bath walkout basement unit. Once construction is complete my wife and I would move into the basement unit and put the 2 bed 1.5 bath and 3 bed 2.5 bath up for rent. The existing 2 bed is an established Airbnb that averages $2000 a month in revenue when we choose to operate it, as a long term lease we could get $1200 for it, and 3 bed apartments in our area average $1500.

I have hired a surveyor to work up the plat already for the subdivision. I've looked into a partial lien release with my current mortage servicer but that adds quite a bit of complexity to this already intricate plan. In an ideal world I'd find a lender willing to do a refinance of the existing 1.3 acres into the new split parcel as well as originate a construction to permanent loan for the new build. All this while taking into account 2 sets of projected rental income.

Here are the challenges:

My wife and I are both self-employed and we don't have a great income to show on our tax returns.

What is the exit strategy to get to the next project? I've already experienced the difficulties of refinancing with self employment income and I would like to stop doing things on hard mode, would our best move be to look into commercial lenders when we're ready to make our next jump? 

Type of property: Multifamily

Location of property: Asheville NC

Purpose of financing: Cash out refinance / construction

Type of financing sought: Not sure, seeking recommendations for optimal strategy

Current or prior ownership of real estate: Currently own primary residence

Occupancy: owner-occupied

Value of property at present and/or your offer price: 250,000

Anticipated or actual appraisal issues: There aren't that many similar properties in my area so comps may be difficult on the duplex.

Income Source: self-employed in construction for the previous 5 years

Gross monthly income (optional): $6000

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $770

FICO: Excellent

Credit issues: None

Additional details:

Just looking for some input and constructive criticism on my plan.