If you have a remarkably similar unit in the same building, perhaps not, you might be able to substitute. 

But in CA benes substitute themselves as trustees in order to reconvey every day.

Your job is to go out and either pay cash for the land which will contribute towards your qualifying construction loan, or to negotiate an off market deal where you can either substitute the collateral of a seller carried note with another property.

I also have a copy of our private offering as well, so you can message me if you're interested in seeing it.ANOTHER TIP: I would also be sure to include a substitution of collateral clause in your promissory note.

Another advantage I have is I am currently a substitute teacher, so I have a flexible schedule.  

I don't think you can learn all of those things here in one post on this forum, but this is a good start.Seller Financing: lots to know, how to ask for it, what to write in a contract of sale, what clauses to put into your seller financing; right of first refusal, delayed payments, principal only mortgage, stutter clauses, discount for early pay off, substitution of collateral, right to assume with release of liability.Tax sales are held in about 3200 counties in the US, it is possible to attend a tax sale somewhere in the US every month. 

there is just no substitute for being hands-on. 

Furthermore, at the amount of money you are "borrowing", you will be substituting a lower interest rate for a much higher interest rate without giving yourself any room to maneuver in case things go sideways (and they often do). 

gotcha, so substitute your price with "full price."  

If you feel the need for an LLC for rental property, the partnership is probably best.Additionally, please note that the LLC is not a substitute for liability insurance.