At this point, instead of continuing to pay the interest loan payments on properties that we will never be able to financially finish since the rehab loans will not cover the actual cost of the rehab, I wanted to know the ramifications of returning the properties to the loan servicer, deed in lieu.

Just be mindful of the responses you get to your question.

In my devious mind, I thinking like you that I hire a parking attendant, install gates and charge an entrance fee if I bought it. 

By paying off the land loan through the new construction, it removes that lien and allows the construction loan to move into 1st position.   

you're going to be INvesting for the first few years... rental income from the property isn't going to start paying back what you spend in closing costs, rent ready costs, stabilization costs, down payment, etc. for several years at a minimum.hope this helps - not trying to be negative, just realistic. 

Don't sell anything but awesome community to be around like minded individuals

Keep in mind refinancing costs typically range from 2%-5% of the loan amount, so weigh the upfront costs against the long-term savings to see what works best for your goals.Good luck!

Is it possible to sell or refinance one unit to pay the other off completely. 

You are definitely in the right place to meet like-minded people and congrats on your first two properties/4 doors! 

No , you are in once you can pay the money