. $300sqft to build at least.If you have any sort of mortgage on the property you will need an attorney to handle the mountain of paperwork the bank will give you for a lien release. 10k+, also probably some nightmare terms to have to build and sell immediately and god knows what.At this point a year has passed and you have spent at least $60,000 cash, you're about to break ground on a structure that will cost you at the very least $400,000 to build, you are still 1 year away from cashing out because you have to now build a house.

To expand a little on what is mentioned the underwriter's guideline, a DIL does not extinguish subsequent liens, so if the borrower has judgments against him/her/it that attach to the property, the DIL grantee takes title subject to them and may have difficulty getting them released later without payment. 

I can release my properties without much loss if I have to. 

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BiggerPockets just released a book written by a man named Pace Morby.

I know escrow wont release unless both parties sign. 

They do a good job of regularly releasing episodes and they frequently talk about starting out with their initial capital pool and growing their business. 

Many times they will hold back the renovation costs in escrow and release once you’ve shown the renovated unit and leased it.  

I just completed a small subdivision myself - just a word of advice that if you do sell any of these you'll need a release of mortgage from your current lender to do so.

I was under contract for a property, and the financing fell through due to the property not meeting the lenders requirements and not being sufficient.The seller is trying to keep the EMD as I have signed and requested the mutual release.