This is why lenders often stress or require 6 months of PITI liquid in reserves per property so that you are more cushioned should you have a longer or higher vacancy.  

What makes it such a discount at this point in time is that even though the municipalities planning committee GIS system indicates that they have easements established for road frontage for this lot, currently there is no road frontage.I would like to take advantage of picking up the lot while deeply discounted, but I know that no road frontage will impact potential plans to convert this over to a cash flow play (or to liquidate it later if needed) until completed by the municipality.

Having multiple exit strategies makes your investing a lot safer and more liquid.

I believe in diversification, so I would rather have multiple sources to pull from rather than hoping the one source I was counting on doesn't becomes harder (or not as beneficial) to liquidate at the time it is needed.  

I do have some large projects in the pipeline which could increase that number by another 100K or so but its safe to say low 300's and I will have a tax bill of about 50K this year so ultimately it is very safe to say I am liquid for 250K right now that I'm ready to invest.Due to my job I have access to subcontractors of all trades... roofing, tile, granite, flooring, paint etc at pretty much cost (day rates of the actual laborers).  

@Mark Allen  I think your credit facility is a testament to your Credit standing your experience and your liquidity.. there are very few of us that can get credit facilities from banks at those rates.And for sure you MUST be local or usually..

Getting approved for a loan is difficult given my current debts but have a lot of liquidity to offer.

I have about 100k liquid looking for buy and hold or flip deals.

In regards to question #2, really depends on your credit, experience, income and liquidity.

Power wash it then decide if it's sound enough to just spray with a good coat of exterior paint, easy spray paint job top to bottom inside & out. .. touch up trim with a accent different color.. it's cute.