You’re in a solid position with this property, and it’s smart to weigh your options carefully.

I’ve realized I need more passive options, and have moved to a syndication and private lending.

Like that was optional? 

For those navigating this evolving market, here are some critical takeaways:Price CompetitivelyCorrectly and competitively pricing your property is no longer optional—it’s essential.

Just make sure the town is ok with the land being zoned for multi-units, and look into construction costs, financing options, and permits ahead of time.

There are towns that are not too far where there could be some options for you, but I would start going to real estate investor meetups and pair that with books and podcasts.

If so, I'd consider those options first as they fit in the infinite banking concept.

After sitting vacant for a while I'm entertaining the option of converting to residential units.

I have 2 options:- finance the construction pre-selling the apt, and take my profits (expected to be around 700K pre-tax); or- finance the construction with a 6-7%/year loan (collateral = my house), keep the 10 units, and once the building is completed in 24 months, rent them for circa 180K/ year gross.

In addition to conventional loans and FHA loans, if either you or your wife are veterans, the VA also has a rehab program.I'd be happy to discuss my rehab experience both as an investor and as a mortgage broker, and at least help you think through your options.