Purchase an existing rental business, plus acreage to build on

[John Stewart]

Hello BP,

We found a deal that could be a fantastic buy. The house is rather large, comes fully furnished, sits on about 3 acres and has been a successful STR and events venue. In addition to this property, there is an additional adjacent parcel, 1.5 acres that is buildable. Both parcels are one of a kind, within 15 min. of the city, yet qualify for USDA financing. The owners are willing to carry the note as well.

My ideal situation would be to buy it all, build a house or two on the additional parcel and live in paradise for little to no money while running a STR/events venue. The purchase price is north of 800K, I would love some input on different ways to finance this purchase/new construction.

The USDA backed loan is very appealing...but the kicker is that they will only finance non-income producing property from my understanding, or more traditional forms of multifamily property.  I am very new to any form of USDA financing, but I am not sure how to make it work for me here.

Using a more conventional commercial mortgage or construction loan may work, but the current owners live in the property and have only rented the place out while they were out of town, thus it has netted much less than it is is capable of and P&L is lite.  The other question is I would like to build my personal home + another dwelling on the other parcel, would a typical construction loan cover the cost of a built home + new lot + construction costs?  I have not found one that would. 

I have considered an SBA business loan, but I'm not sure what it would qualify for.

The last piece of the puzzle, there are no comparable properties.  The owners disclosed that more than one appraiser has refused to appraise the property because of its uniqueness and distance from other homes.  Even if my personal income would qualify the purchase (it does not), a bank would probably not lend on it conventionally.

Any thoughts or thinks I have not considered?