Plan on 65% LTC, at least one sponsor/borrower that has done a similar project in the past in terms of scope and dollar amount (inclusive of if you add a new partner willing to share in the risk/reward), 10% post-close liquidity (can't use loan proceeds to check this box), net worth equal to or greater than the requested loan amount not including subject property in net worth calculation (adding the other sponsor/borrower can fix this, too).

I am close to Cleveland.

I was wondering what choices you have made and how your land journey has unfolded.

This could get you the cash you want and save the commissions and closing costs to sell the property and buy a new one. 

with an FHA loan, you need to pay at least 3.5% of the purchase price out of pocket, plus 2.5-3% of the price in closing costs before even talking about reserves. 

It isn't lakefront but its close to public ramps/parks and Whitewater.

I feel like I can't get a true picture of my investments if I can't calculate what I'm doing to my equity and my increase in expenses for closing costs if I can't factor in the cash-out refi's - unless I don't need to. 

We closed yesterday on our first STR and we are heading out there on Fri (from ATL) to actually go inside.

I bought six 1980 doublewides from a park that was closing and paid $500 each for them and that was just to be able to keep the washers and dryers. 

You can still close in the LLC.