When you set up the former primary home as a rental the amount you get to utilize for your basis is going to be the lower of what you paid, or it's value on that date it's made a rental. 

This is opposite of most developments, typically developers start with housing in the first phase so in later phases when they deliver the retail/commercial there are residents already there to help utilize those assets.Ask me anything about their plans.

If you plan to rent one or both properties, separate utilities and addresses may end up being a hassle if they're not already in place. 

Property tax, occupancy tax, personal property tax, business tax, permit/inspection fees, higher than standard utility fees, ever-increasing fees by the platforms.  

Elias,My recommendation is using a lender that utilizes the value of the lot to start a rehab escrow that can help you to finance the new build.

My question is if we are marketing this as land, is more value added from the 2020 mobile home or the multiple utility hook ups?

.✅ No Impact on Personal Credit Score – Since these are business credit cards, utilization doesn’t report to your personal credit, so maxing them out for a flip won’t hurt your score.✅ Flexibility & Control – Unlike traditional loans, you’re not locked into fixed payments or interest-heavy terms, and you can access funds as needed.It’s all about using the right strategy to structure the funding in a way that keeps risk low and maximizes returns.

I would also suggest (once your credit utilization is lower) to apply for business credit cards with diff banks as they will give you additional capital access without hurting your personal credit.

I wouldn't be too concerned if it's just a side hustle and the tenant pays the utilities.

With the HOA payment at the condo, I don't pay any utilities, I don't worry about landscaping or maintaining the multiple pools, hot tubs, lazy river, etc.