I would use money from a HELOC that I have open to fund the down payment, but as @Scott Trench stated recently on the podcast, that is a short term solution, and I don't want to hold that $48k debt for more than a few months. 

Look at a HELOC on your own home to fund the repairs, then refinance into a new mortgage (at which time you pay off the HELOC.)

The cash flow borrowing full cost via heloc will be marginal, possibly even negative if using realistic expense estimates (I.e. something near the 50% rule).  

A cash out refinance is maxed out at 80% LTV so 5% of $1.3M is $65K minus closing costs.You would need to show income and have a W2 job to refinance but you might be able to take out a HELOC to pay off your Ex-Husband.

I plan to use a HELOC for the improvements to create lots with improvements.My plan for the rest of the parcel, now roughly 7 acres, is to built a primary home for my family, and to put in 5-6 cabins.

As an alternative, would a cash-out refinance, a home equity loan, or a HELOC make sense for you?

Also for some lenders this has to be cash or if a HELOC is used, they will require the HELOC to be repaid at closing of the delayed finance.

Total rent between the three is $3200/month.I have an adjustable 20 year mortgage with a balance of $100,000~ at 4.95% that is set to adjust in 2026.I also have a HELOC on that property at $180K~ with a 9.75% rate. 

Using a HELOC can work, but it's still a second loan on one property so I wouldn't be looking for a way to leverage one of your two properties just yet to get a third.

If you are looking to expand to other properties in the future, that option of a cash-out refinance or HELOC on your appreciating asset is always there.