In case of continue the deal I would request and appraisal and inspection but still, as you mention, not sure if it is a good deal.  

I saw you mention that you're interested in OH and GA.

I am sure every state is a little different or have nuances but for sure as Greg mentioned materialmen can file a lien and then just wait.. the other thing they can do is a court action for unjust enrichment claims.. those are the two ways Materialmen protect their interest at least out here on the Left coast.. 

If your goal is growth, a refi now might make most sense, but only you can make that decision.I'll also second what @Jaycee Greene mentioned that most lenders won't go to 80% LTV on a cash out refinance. 

(I just went through probate when my mom passed and it sucks and would like to prevent my successors from having to deal with the same if possible).Bonus question, one of my properties is still under mortgage, he mentioned something about transferring it to an LLC can trigger a due-on-sale clause but not when transferred to a Trust.

As mentioned your biggest challenge is going to be selling the package at/close to same time. 

@Beth Anderson mentions a great point that creative financing can be a great option.

A close friend of mine worked with a client who snagged a few acres just outside of town near the North Platte River.. it didn’t show up on the usual listings, but popped up through a local contact who’d been hinting at a seller looking to keep things quiet.You mentioned it’ll be a three-year timeline.. that’s actually not a bad window.

I am not making any conclusions just doubting, as previously mentioned, if a 30 year conventional mortgage (nonconforming, but standardized within the banks operations somewhat), necessarily excludes renting it out. 

Happy to make intros at any of those I mentioned if it'll help.