A hard money lender will lend based on the value of the property, normally if you buy a house that will be worth $150k for $100k, it will need some rehab to be worth $150k.Let's say that rehb will cost $15k,, let's say the hard money lender will lender you 66%  (to make the math easy)of $150k, but you have to pay not only the cost of the house, but you have to put $15k in escrow.At closing the hard money lender brings $100k (66% of $150k) to the table, you bring $15k plus closing cost.  

Have a unique situation where the property owner would like to exchange/swap their vacant lot for one of the future developed units.  

Take care in seeking expert advice in the forums and you should always start out consulting a local lawyer, some things are unique to your location that others won't have a clue about.

As a college student you have a very unique opportunity to voice that interest to professors, they likely have connections who would be willing to help you learn.  

I believe FHA is off the table, so is a 10% down loan are only option?  

You get the goodadvice - check out the forums, read to for information you never knew you need, ask for help you desireBackground/Research- check out the Blogs - tons of good information and with many storesTV programs - Podcasts- great source of storiesInformation on unique niches- Check out those who's philosophies you enjoy signatures.

I bought a property last December that is unique in that it has a rentable cottage, basement apartment, and 6,000 ft 6 stall horse arena (all despite being a "single-family" residence).

But we have strict guidelines and time tables for the buyer to make decisions.. and we do not allow them on the Job site but once every 2 weeks at a prescribed time and we make them have their Realtor present. this cuts down on visits as the Realtor does not want to stand around why the client walks through the house...

Not experienced yet, but I do believe you are on the right track when thinking of re-positioning your money that may have reached its peak in the Vegas homes and could be getting stagnant and considering the possibility of Vegas losing its uniqueness as other areas open up to the casino life, it may be wise to consider 1031 exchanges and move out of there.

I think you have a few possible options.One is to get one if those loans unique to Texas that permits you to pay the back property taxes.Hard money is primarily based on equity but is typically suitable if you occupy property at the time of funding.If the property has substantial deferred maintenance, you may be unable to get any other kind of financing until it meets certain criteria.