Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

I think you will definitely want to talk to your lawyer because there may be items linked to this transaction you are not considering. 

The PM should provide itemized items of what was done.

and we carry insurance to protect from those situations but unfortunately there are horror stories and tragedies that happen in medicine. 

The other business I run is reselling, listing items on eBay & FB.

Auto limits of 250/500/250 and Homeowners liability of 500K should be the minimum you carry.

You have the means to purchase and intend to offer owner financing (you) to the buyers of your lots.That sounds pretty straight forward as long as you are able to carry the loans and deal with any defaults.I don't have a background in raw land deals, so that's all I got.Thanks for the feedback and I will keep these things in mind as I move forward. 

In general, I would say Kitchen, Bathrooms and any deferred maintenance should be your focused items. 

Passive losses exceeding this limit can carry forward to offset future passive income or gains.

Back then we were getting 1% positive carry e.g.