Existing Renters1.

George Washington acquired a significant amount of land this way, and shortly after acquiring such created SYNDICATIONS (he later used JOINT STOCK COMPANIES when they came into existence) to raise the capital needed for development.  

Thanks Ned, Short answer to explain it, I did not know they were around back then, just found out now when we are coming back, a little background, when I started in 2005, I was a child :) 28 years old and thought I knew it all, all, all :), did not know about hard money lending, only new about bank loans, and Home equity lines of credit, did not know where to find more money, since I did not have much, I would rely on what I could get from banks, loans, credit cards and was not always that great, it was a learning experience.....and Wholesalers, I did not know that even existed, everything I would find back then was already on the market and through a "friend" agent, MLS, FMLS and all those, nothing like what we have today.

If you price the deal based on the current rent roll, you will not be remotely competitive in your offer, since many other investors will price it on $1,600/mo, with a small discount to account for the remaining term of the existing leases.On expenses, as noted, what seller pays is likely very different than what you will pay.  

or my existing lenders are tapped out? 

We've been honing in on a pretty good development/investment formula that is working for us where we buy an existing single or multi-family house that can be improved or easily split into smaller units, and then we also add small new construction units to the property (townhomes or duplexes or cottages) and, generally, we rent them all out (though we have sold a couple of single family rehabs and we may sell the units in our next big project...

They're all private/HM lenders, but they do exist. 

Existing liens/mortgages (Run a title search)2.

Whether buying land to develop, buying existing Storage locations, reduce risk of over inventory of storage units in one market, TIME waiting for either land or a location to become available for sale, while we are trying to grow our business.Start small and MAKE YOUR BIG MISTAKES EARLY. 

We do qualify to refi without adding but we are then paying the mortgage out of pocket.Our thoughts are to use the existing infrastructure to build out the 5 bedroom house, then house hack.