Looking To Fund Addition Of Rental Units On Property

[Michelle Peavy]

I'm currently on 5 acres and am looking at ways to create value added investments opportunities to it.  I would like to put 3 rental cottages/cabins on the property. I spoke to a mortgage broker and found out some very interesting regulations about my property so I'm reaching out to this forum for some possible ideas on creative financing. The property was purchased with a manufactured home on it. Unfortunately, that was what was available in the area for our price point and not having restrictions on the land.  Although our property has increased a good bit in value since purchasing it, we are not able to pull any equity from it.  I know if I finance through the entities that I might be purchasing these units from, the interest is going to be exorbitant. This is a good investment strategy in that I've got the available land, it's relatively easy to have them installed and rented within less than a month. I estimate my rental income to have the complete property and the units paid for in it's entirety within 4.5 yrs.  I'm looking at either using more traditional log cabins or I've seen some really nice looking modulars that would work for this. I am also looking at splitting out 1 acre w/the manufactured home and selling outright to create the cashflow for the other investment aspect. 
 

Looking for thoughts on this type of investment vehicle and some creative financing options that others might have used.   Also, if there are any things I might want to consider as I'm moving through this. I'm new to real estate investing and really trying to look outside the box on this one.