This pre-lien could complicate selling the property for those clients or agents that are unaware why it is there and are hesitant to take on the property with an existing pre-lien. 

Being absentee certainly creates hesitance; however, the fam is on board.  

I hesitate at moving forward.

The ARV will be the value of the new home...and you'll probably want to compare against other similar new construction, not renovated homes, to get the most accurate resale value.If you'll be subdividing, you can look at the project in various ways, but the easiest is to probably just count the ARV as the combined ARV of both houses, and then the expenses would be the combined expenses of both houses -- including the tear-down of one house and the cost of the sub-dividing.If this is a local project and you want some specific advice, don't hesitate to reach out to me...I know Howard County pretty well and have built new construction here...

It's not currently on the market and have been hesitant about listing it as we have never sold a property before.

I would be hesitant, but thats the great thing about BP.

(I hesitate to say partners; the word 'partner' indicates a very specific legal relationship and that is NOT what most co-owners want.

If I can help any of you with anything please don't hesitate to ask.

I am very hesitated to take over because I don’t know what kind of liability I might have and what kind of problem I might face.

I didn't hesitate, I just did it.