Not saying you shouldn’t move forward, just that all options should be on the table!  

Option 1.

Lease options are a great tool.

Also, after a year, the mortgage hasn't been paid down by much, especially if it's a 30 year mortgage.The only challenge you may run into is if you purchased it using a low or no money down mortgage option like FHA or VA lending.

If you ever need guidance on financing options for flips, rentals, or new construction, I’d be happy to help.

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

Consider lease optioning the “now keeper” and walking the created debt forward if you lease option buyer can cash you out. 

It's great to see the inventory is coming back there are a lot of options out there and I'm feeling excited!

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

If you're considering Real Estate as an option in the future, I would not add the money to either of these accounts.