Disadvantage to a line of credit: They are almost always a variable rate.I would also suggest checking with your local lenders to see if they will allow an equity take-out second mortgage.

Also advantages and disadvantages to land contracts?

It will still have the 2br + laundry are AND a mini kitchen area and an exit door to meet the JADU criteria but I'm designing it so it will still look like it is part of the house :( I'm wondering if it will be more of a disadvantage if ever we move in the future...otherwise we'll just grow old here :)I am attaching the draft I made...not an architect but did my best.

There are advantages and disadvantages. 

There are advantages and disadvantages to choosing between modular/prefab homes and bespoke constructing.Modular or prefab dwellings save time and money.

That said, I am not saying the foreclosure route is not something that you shouldn't pursue, advantages and disadvantages to both and each is better in certain situations and outcomes. 

It also claims that seller financing (from the seller's POV) is completely disadvantageous, and so on.I am looking to invest in multifamily in NJ. specifically commuter friendly areas.

It's most important to know yourself, take assessment of your tools, knowledge, advantages and disadvantages, with that in hand it will direct you on how your best suited to use leverage to grow to $10K, and nobody can do that for you or tell you other than yourself. 

My comment is always...standard and customary to unrepresnted buyers, but if they're my buyer and I'm representing them, you get to do it the RIGHT way.I will say you are at a huge disadvantage going at it alone. 

What are the advantages/disadvantages to using one out of state lender for all transactions?