Ideas on how to leverage value from a 2nd home

[Raine Dunston]

Hi everyone, my name is Raine. I am a new by and BiggerPockets was recommended to me by the Carolina REI Association. So I signed up. I joined as a BiggerPockets Pro just a few weeks ago after sitting in on the How to webinar for a 1st, 2nd or 3rd property. I feel like I am on my way to the big leagues now. Here are my questions I purchased a property as a 2nd residence in 2018 (3 bedrooms with two full baths and 1.88 acres). Asking was $115k. I purchased it for 107k with a 50k reno loan. I have been paying faithfully but I owe $135k all in on it. The land needs work but the property has increased in value by 120k, because of its location to $227k. So after speaking with several realtors, I considered selling the house and a portion of the land (.50 acreage) on my own (FSBO). I would use the reminder of the land (1.38 acres) for a mobile or tiny home park, etc. But 2nd homes come with their own set of restrictions. So I cannot out-right make the home itself into a rental. Any thoughts on this one? Thanks!