I bet that you can pay off this debt in 1 year or much less.

The quicker you can take action on the high dollar value decsions the quicker you will be able to grow.For sure take the time to setup the right foundation, but keeping it simple and easy when you are getting going is a safe bet!

I'm 25k out of pocket for permits and clearing.I bet the pre-permitted 10 contiguous lots on the river would appraise for at least 150k.Am i being overly optimistic?

Their solution was for me to take over ownership of not one but five homes from Jeff's portfolio, all of which I had sold him and subsequently leased.Despite my being patently unfinanceable, the bank president placed a bet on me because I knew the homes, I knew the tenants, I knew what I was doing, and I was rabidly hungry.

agree .. other wise its just the bottom feeders looking to take his equity from him  with couching it as a rescue.. his best bet it to sell if its owner occ the profit is tax free .. regroup and start over.. 

PG's are worthless those that have PGs that are worth anything dont need gap funding they have the cash.this is a play for folks you know well .. not for internet facebook BP etc.. people that do this do it because they know you like you trust you and think your a good operator.Public has to many other choices that are much safer bet.. its not always about ROI with those with money..

As a rental, tenants will likely prioritize the location over minor inconveniences.Your strategy of betting on appreciation and eventually pulling equity makes a lot of sense in this market.

If you have deep pockets, I think Austin will eventually reward you, but if you are a newbie in real estate looking to cash flow positive day one or shortly thereafter, Austin is probably not your best bet in TEXAS.  

Liquidating the property is by far your best bet. 

I am betting for the appreciation of the house in the next years because I don't think I can cash flow in the first years.