@Joe PaaschWelcome to Bigger Pockets.

However, if you want long-term stability and predictable payments, refinancing might be a better option, especially for larger projects.

I think the first step would be to contact a lender and figure out our best options moving forward.

The best option would likely be a construction loan, which can cover both the purchase of the land and the build.

Let me know if you are interested in discussing this option!

I'm an investor and mortgage broker and have options for loans that go as low as $75,000 and down payments as low as 15%, which makes it easier to stay above $75,000.

Look into local tax incentives and financing options, and reach out to local real estate groups or mentors to better understand the market.Good luck!

If you can buy with 20 percent an hour away, as you said, that seems like the best option if the finances and numbers work for you.

I am looking at different loan options but to break even (not having to put any money of my own in the house after the initial down payment) the current down payment required is that much. 

I am going to finish the rehab and get it rented then resubmit for a rental loan.I have used Cashcall Mortgage twice and have been very happy with them but Elite seems to be more flexible and have more options so was going to see if they are competitive.