I am convinced that rates will need to hold relatively where they are as a best case scenario.

But start with a multifamily where you can live in one unit and rent the other one(s).

@Stephen FrazierI'm not 100% sure what you're asking, but I would strongly recommend against buying something with 100% financing where part of that financing is a HELOCYou will probably just lose moneyIf the home is owned free and clear, maybe the kids would do seller financing? 

Like you mentioned the remaining credit is applied to the principle if you pay off the loan or refinance (which is likely, since you are probably going to refinance to eliminate the PMI in the next 1-4 years) as opposed to a permanent buydown where you cannot recoup the permanent buydown aka paying points. 

Even if I was the senior lender for one of the new developments, in a downside scenario I wouldn't know what to do with the land / the half-finished or finished (but unsale-able for whatever reason) inventory.Therefore - I don't want to invest / make a loan in the development JV itself - I would rather make a loan at the parent-co level where there is collateral in the form of completed properties that are generating rental cash flow - they do have mortgages on them. 

And see where that takes you! 

Cloud, MN as it's close to where I'm currently living, as well as being close to a popular state university.

Even back then there were a lot of high rise hotels where you could get a decent condo-style room with hot water, cable tv etc for really cheap ($15-20USD/night).

I would speak to local banks and credit unions since this is where you might be able to work out a win-win financing solution.

Other investors may have seen a quitclaim deed filed where there were no mortgages or liens.