DM if is you want to talk other options.

Home prices have decreased over the last 18 months so there is lack of good options and values still above normal. 

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

That might be an option.

When i started investing i thought the investing where i lived was the only option. 

@Stan Mendoza There’s a ton of great info on here but a good starting point is understanding your financing options, getting familiar with the different property types, and learning about the area you want to invest in.

So before dismissing your options, you may want to consult an investor friendly Lender who is an out of the box thinker.

I know there are a lot of options, especially since they are family and willing to carry the loan. 

Maybe selling is the best option stop the bleeding and do something that is more risk adverse. 

I have multiple lenders that can do 100% financing for your short-term rehab loans and long-term DSCR cash-out loan options to refinance and hold the property once it has been rehabbed.