But this money is more risky to the bank (so a higher rate is normal), and they have a limited supply...so they need it back sooner (so shorter terms).

You are then limiting your reach and the actually board member, even if the president, is assumed to be operating in good faith therefore it won't stick.

The sky is the limit, good luck!

This is one reason I do not rent to applicants living away looking to move to my area.

So you make your money when you buy by negotiating a killer deal so creating instant equity, or buying a good business (high stable/increasing demand) with a moat so limiting competition.

Thanks I drive under the speed limit.

@Alessandro A.Banks will only lend up to their limits (ie. 75-80% LTV is likely the max you'll find for a non-owner occupied propert).As you point out in your original post, you're putting 25% equity into the deal that has already more-or-less been updated by the sounds of it. 

At a minimum you’ll have to get the lots surveyed, the new lines drawn up, submit them along with some application forms, they get reviewed by different people, etc.  

I also default to late fee's on Note payments and there are limits in each state.  

The trouble I am having is their application is very basic.