This would take a long time and we would have no guarantee that our project would ever be approved but the city seems to be eager to get something done on the land and I think we could be the first to submit a proposal.

You will have to personally guarantee the loan as in all commercial loans.

@Sophie Lavet what you are referring to is known as being a  "bird dog" similar to wholesaling, except you don't actually have the property under contract so it is more risky for you because there is no guarantee who ever you give the deal to will pay you. but it will make things simpler for you because you don't have to worry about the contract. 

So you'd be trading in $40,500 & an almost guaranteed way to have your mortgage completely paid off for the chance at making $200 per month & almost all of your new mortgage payments going towards interest and not principal.

My current job right now is decent pay, but not guaranteed as it's a temp position, and I'm not learning anything as it's mostly labor work.

PRO TIP:  With all the anti-STR activity, if the seller is the one creating/incorporating/organizing the HOA (or if the seller still has control of the HOA), have part of the deal include that both of your units be "guaranteed" to be able to be used as STRs (as long as municipal ordinances don't specifically forbid it). 

There are two guarantees with concrete, it will get hard and it will crack.There are a few factors to look at, is it just cracked or is there separation and settling.Does it extend through the foundation?

How does the disclaimer go, "Past performance doesn't guarantee future results."

(Personal guarantees are rarely enforceable in any practical way).

There is no guarantee these will be bargains.