As for your lot split I am unsure exactly what you are asking but an early hurdle if you do not own the property outright is to get the lender to agree to the split and work out the details.  

With HML at least you in theory can vet the property and keep a low LTV to ensure you can be made whole.

Hi Willie, I think it would be best to wait until you have more capital to put down for a multi-family property. 

Property values only going up up up for decades. 

Your decision to lease this property for short periods is what makes this a short term rental property, not the property itself.

Some have never even seen their property first hand.  

Most credit unions I've seen won't do a HELOC on an investment property.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

I’d suggest beginning by connecting with an agent who specializes in multi-family properties.

Links to 2 properties in Nashville and 1 in Memphis using the same approximations.