I thought about that as a avenue fund the developing of the land to raise value.3) If all were to go right and I can modify the Land to increase value, is it possible to have the land "re-zoned" to instead of build one home, we can now build 3?

You may fall into another exemption to modify the note but any modification is a new extension of credit subject to compliance with the Act.

Perhaps you can modify the arrangement.

I love sharing my success with the bigger pockets community, I hope others feel the same.On to our new deal.... simply put, the home owner was NOD and NOS 5 years ago and Modified then.  

The senior can modify all they want as long as they don't record a new lien, without approval from the junior.

In this case, if this bothers you, you can run MIRR (modified IRR) and elect any discount rate you like and/or deem reasonable.Finally, and this is huge, as @J Scott mentioned, the IRR requires you to plot out all of your cash flows (including the exit) before they actually happen.

Originally I was planning to stop working after getting my savings invested in rental RE though at this point it's looking like that plan might need to be modified as it seems like securing loans a few years down the line wouldn't work.

@Joshua Dorkin posted it here: (we have modified for our purposes)http://www.biggerpockets.com/forums/88/topics/25519-free-property-analysis-worksheet

Like many others, she over paid for her home 7 years ago (purchased for $200k current market value $92k) and want to get it modified.

You can get a lawyer to draw up a document that you can use for all of your transactions, modifying only the trustor/trustee/beneficiary, legal description, and investor information.