It is cash-flowing a few hundred dollars per month, which we use to pay off the mortgage at an accelerated rate.

He figured out a way to graduate in three years by taking an accelerated schedule.I took the opposite approach.

Our start up was extremely accelerated because of all the useful information found here. 

Anyways, here's how I would value it:Current: 40 x $250 x 12 x .4 = $72,000 NOIPotential: 40 x $300 x 12 x .4 = $86,400 NOILot rents in that market will accelerate a little faster than your normal 3%-5% so I might consider a 10-11CAP on potential for the lot income.  

However, some lenders will let you split it up under something called an acceleration clause. 

We've setup systems & processes to accelerate discovery, though regular review & group feedback will help us optimize our constant search.

In these cases they've usaully accelerated the depreciation and took a cash out refinance.

My thought process is that I could use the second mortgage to accelerate the buying process and buy more then just one at a time.

Would a request for a phone help accelerate the progress? 

More than likely you need to look at keeping this and accelerating your loan pay down so you can handle the discount that will come with this loan which will not overly improve (be reduced) with the passing of a short amount time.