From there we also discovered Afford Anything and the BP podcasts, where we realized that we wanted to go the real estate route, while still investing in low cost index funds on the side.  

I think if that happened to me I'd say "reach out to my agent to show proof of funds".  

Half of that in an index fund would get you close to that, maybe 60-80k.

You could sell the land raw to an end user, ground lease the land, entitle the land and sell for more money than raw land, or a build to suit for STNL.Spec development is the riskiest because a lender generally requires so much pre-leasing before you have funds for construction.You could also partner with a more experienced developer for a JV agreement and learn how they do it.

You can come in with extra funds from any source.  

(and have funds for a 3rd when I can find one I like) I've had decent tenants so far and my HOA has been amazing.  

Bad part is I lose my $33k line of credit which could be used in the future and I wouldn't have immediate funds for rehab.  

Big shout out to @Jason Hirko w/ Corridor Funding in Austin for the first loan and helping me find the property!

I know there are many creative ways to get funding so I am turning to experienced investors on BiggerPockets to see if there is a way we could swing this, or if this property is too big of a leap to start as a beginner without a large down payment.

I would personally then use the 40-50k to increase my buying power using Hard Money/ Angel Funds/Etc.