Sure, you "could" do $10k reno and release.

Normally you will want to also add in your site development costs to this loan So you can create your parcels and then sell them off.So you want to make sure you have Lot releases in your ( this is GA ) your deed to secure debt .

Quote from @Jacob Sherman: nope can just sell it subject to the mortgage  I believe the deed needs to be transferred so I can release the equity and shelter it from taxes, correct? 

.- I stand by a pretty universal Bldg dept practice- a permit never gets released if zoning forbids it.

I'd used it to "release" that equity. 

Also, I found out from the attorney at the title company that the cloud on title they required me to implement at the county office could only be released by their "3rd party escrow" company (which they required you to use) that which the title attorney found was unlicensed and not really an escrow company despite having the word "escrow" in their company name.

Additionally, inquire about their policies on partial release upon selling to align with your investment strategy @Gopi Krishna

Our team at LoanBidz is partnered with a service that releases a nationwide off-market property list each week.

The seller signs a form which then the information can be released to you from the IRS.Some sellers keep double books.  

I just wanted the Release form.