That said, I'm grateful for the alternatives you present--you're keeping the bottom line in mind, so I appreciate your help in exploring options that achieve the bottom line for the investors. 

You gave great info on background to help understand where you're at! 

Definitely join your local chapter of REIA (real estate investors association) or join one of the ones that are fully online (Columbus and Cincinnati).

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

They are highly secretive however - no online presence under their names while being very tech-advanced, they also installed like seven cameras around the house perimeter.

Looking forward to learn from folks on these forums!

What happens if the water service line has to be replaced?

You will meet a lot of great people here that will help you on your journey. 

Check with the municipality where construction is being done to get their take on the development.

The husband told us to apply through Zillow, so we filled out the application on the platform.Before completing the application, we spoke to the wife over the phone to clarify some questions.