While his loan isn't assumable, you could structure a deal where you take over payments while giving him equity in a seller-financed second note.

Do you have any experience using a piece of land as collateral for a construction loan?

I don't know how much since he never provided accounting.

I have spoken to lenders about traditional financing and also DSCR loans.

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The LLC is irrelevant unless you are paying cash or getting a DSCR loan.

Why not take out a loan from the equity to pay off that debt?

Even if we provide you with an answer to this question, there may be other laws you are ignorant of.

Hi Heidi,I did a 15% down loan for 2 properties in Albany, NY with the national bank of Coxsackie in 2023.

Quote from @Dereck Olson: Hi Nicholas,  Just a thought from the possible tenant's perspective, but filling out a prequalification form and/or providing personal information before they have even seen a place and know if they will be interested in living in the property might be a bit too much to ask.