I believe the property have appreciated in value just based off recent sales in my market area.

Since you have more time than capital right now, consider side hustles like Airbnb co-hosting, property management for other investors, or even leveraging your nursing background to consult for mid-term rental owners.

Quote from @Neal Schadler: I have several properties in Cleveland and the surrounding areas.

Assume you never met them at the property, and fielded 1 phone call from them.

After about 10 years I have accumulated a fair amount of small multifamily properties. 

No, they don't find my properties. 

Quote from @Lee Banks: Hi my name is Lee I'm looking too buy my first rental property and but I feel as if I need a mentor to watch, I still need to learn the basics of real-estate does anyone in New York do programs or mentorships and where would you start if you first started real-estate today  Hello Lee,I'd recommend looking up local meetups here on BP, meetup.com and, eventbrite.You can also call around to speak with RE investors and professionals in your target market to begin making connections.With so much available information online, I'd recommend speaking to a few people and doing independent research before committing to mentorships.

On the journey, I once sold properties that were 30 minutes away as being too far, and also managed some properties that were 200 miles away. 

As you alluded to, sometimes a passive note investment purchased for monthly payments “goes south”, and becomes an active participation investment, with plenty of additional capital required for legal fees, forced place insurance, and property taxes.  

Raise the $600K, do the pre-development work, then “sell” the property to NewCo.