I tried to create rapport with the owner over the phone but waited to present my real agenda only in person.   

10 year (the common benchmark for CRE loans) just keeps climbing.

I'm not sure I can copy and paste my Excel spreadsheet, so i will approximate the numbers here.Strategy:Take a Home Equity Loan (second) on our primary @ 5%.Pay off existing HELOC (variable, at 7.5% now), use remainder ($120k) to buy the land (plus 30k of our own cash).

Your loan would be on a different property so no financing on the property you are buying. 

I personally think it is best to work with local professionals with a good track record. 

There is a large population of low income persons who are poorly integrated and somewhat centralized.

@Mario Morales - Personally, I would do some research in your target market and search (even it on zillow) for 2-4 family properties and see what agent(s) seem to transact the most in that space.

I personally don't know of their group but figured id link that article since i remember reading it and the name clicked. 

The key would be making sure to talk to a local banker that can do CRE loans for owner occupied properties as not all banks do them.

I don't know if they still do it but if memory serves a few years ago TD Bank would do a HELOC on a rental in second position but only if it was titled in someone's personal name.