As a realtor I have seen a number of properties, especially in the PCB area, that come with larger lots that are zoned for more that one building.

Given the choice between cash now of say $500k, or REAL equity of $600k, I choose $600k equity as long as the $600k is greater on a RISK ADJUSTED BASIS.  

Your choice is start and just do it, or, bank another regret for later...... 

Also from the choices you provided, I believe you are looking at somewhat passive options.  

If OOS then you do not have a choice, turnkey UNLESS you have trusted crews and YOU know pricing ,  If you are new then turnkey, for both.

We needed a larger home for our family, that would be functional for multi-generational living with our kids and our parents.This is our forever home family compound, so we have no intention to sell and hope to continue improving and creating new streams of income from the property.How did you find this deal and how did you negotiate it?

We need a larger home for our family, that would be functional for multi-generational living with our kids and our parents living with us.

By the way, these are the choices I have:(OAPR) PROBATE/GUARDIANSHIP ORDER APPOINTING PR/GDN(OAW) PROBATE ORDER ADMITTING WILL(ODPR) PROBATE/GUARDIANSHIP ORDER DISCH PR/GDN(PBO) PROBATE/GUARDIANSHIP MISC ORDER(PTPR) PROBATE/GUARDIANSHIP PETITION DISCH PR/GDNThese are some "trust" categories:(TRNOT) NOTICE OF APPLICATION(TR) TRUST

Particularly on larger balance CRE (Commercial Real Estate) this rate improvements can lead to a dramatic increase in activity and investability. 

A bigger risk would warrant a larger Down payment.