Financing BRRRR property with excess land for development

[Kurt Plaster]

I'm looking at possibly purchasing a property that can be subdivided into two lots. It is zoned such that I would be able to build a duplex on the excess land in the backyard that I would like to hold as a rental. The existing house is a complete fixer and will require extensive renovations. I want to rehab the property to include an ADU and hold it as a rental as well but I won't be able to increase the equity enough through the rehab to be able to pull out as much cash as I would like. The reason the property is appealing is because of the land development potential. I have run the numbers through the BRRRR calculator and both properties would cash flow but I'm wondering how to finance it once I subdivide so that I'm not leaving as much money in the rehab house when I refinance. Any suggestions?

Is there a way to refinance once a property is subdivided so that the debt is spread over both properties? We are looking at doing a BRRRR but will have too much money tied up in the rehab house if we can't refinance prior to rehabbing.