This would be a significant modification to the underlying collateral and I’m sure it would be prohibited in your loan docs.

I would like to make sure the siding is presentable before paying for an appraisal.

Just be sure to be prepared to get legal advice if you run into grey areas that you are not well versed in to avoid legal implications.

Be sure to explore all around the forums as well as many of the FREE tools that Bigger Pockets provides.I am on the lending side of things and am always happy to hop on a call to discuss loan options that are out there, even if not offered by my resources.

I recommend discussing your strategy & financing with a lender to make sure you could qualify for both FHA and then an investment property loan.

Buying a second home to rent out is a solid strategy, but be sure you understand the cash flow, including mortgage, taxes, and potential vacancies.

Fewer but better properties will usually outperform more "affordable" properties. 

I have been a member of the BRRRR Invest Academy since the beginning.Nate Barger is the real deal for sure.

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

I am not sure you can make money with only 70k in land. 70k is lower than most of the lots in my area.