FYI, a 203k FHA loan is not a DIY-friendly option.

I’m hoping it will get me a better interest rate and payment so my rents can cover the mortgage.I will be reaching out to you guys to see what my best options are.Pretty cool to have this community to help figure out problems  It depends on what you are trying to accomplish.

Quote from @Blake Winiecki: Figure out how much you want/need to earn, then reverse engineer it to see what options are available. 

•Work with a Realtor for Rental Comps:•Your go-to real estate agent can pull accurate rental comps from the MLS, which will show what homes actually leased for—not just their asking price.3.

Having the info will help you weigh the options and make an informed decision.

Granted, my analyses are not based on due diligence like actually getting properties appraised and simply going off available info on various MLS portals.

If a HELOC isn't an option due to Texas laws, you could consider a cash-out refinance with another property or a portfolio loan, even if you want to keep your current rate.

For a newbie investor, if you’re comfortable with the process and ready to manage the administrative side, Section 8 can be a solid option.

I know there are a lot of options, especially since they are family and willing to carry the loan. 

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road.