I suggest you have a conversation with someone who understands and teaches creative financing before jumping in.

The question you ask sounds simple, only because most people go by “gut feel” rather than any rational thinking.  

One suggestion is joining Communities.

First, I would not start renos until it is closed unless you are doing something simple like painting. 

I suggest you look into commercial lending, to learn about it before you require it, and start looking for people in the lending space who can assist you as you move forward and with whom you can develop relationships.You now have mad skills and experience doing the whole demo and rebuild, and if you can repeat a few times, your one deal enables you to add a couple others.  

I have another real estate agent who suggested I look into land banks with my city.

You have come to the right place to begin your investing journey.Awesome board with many smart people having own suggestions and ideas to grow wealth!!

We Would suggest creating 2 Notes so that you could keep the 2nd and sell the 1st lien. 

Please let me know if you have any thoughts or suggestions.

I suggest you start by reading the insurance policy, starting with the definition section which should tell you who is insured.