Already mentioned above, but for leveraging your current home for the other a HELOC is probably the route that would be best. 

However, as Erik mentioned, having a GC license definitely helps with the approval process on hard money loans and can get you more competitive terms as well! 

The only challenges you haven't mentioned is advertising for roommates, screening them and where to get a lease.

I appreciate the feed back from everyone, as financing can get a bit tricky, not to mention complicated sometimes trying to look at all the different ways to calculate how financing can or cannot me more beneficial than your current situation.  

@John Underwood good feedback I appreciate it.I am viewing the property Friday so will have a better POV on landscaping maintenance then.I hadn’t considered the other items you mentioned, so thank you!

Thanks @Drew Sygit for the mention. 

I'm also a Padsplit financing vendor and I'm only mentioning this because this is what led me to being a host.

you mention ARV - what is the cost to repair the property to get it to that ARV?

IE at the time if you built on all the hundreds of thousands of lots there you would have perpetual grid lock not to mention water quality etc etc.

Not going to mention names either, neither do I have to prove anything.