For example, this deal would work for me at 8% at $1,200,000 as it stands which is only 50% what they are asking.

I don't think they would allow you to add a fourth unit unless it is already set up for it (has a cook stove - gas or electric) and perhaps also legal non-conforming.

Unfortunately house hacking isn't really an option for me at the moment either.

I'm afraid of spending too much money on this conversion, a contractor quoted me at 100,000 and it scared the living daylights out of me. 

I’m trying to say afloat.Does anyone have any sound advice to give me at this point? 

With raw land, I like to leave a little meat on the bone to entice the buyer.

In our experience, most of the states that we have loans & REOs in have gone back to normal operations for foreclosures & evictions.These are TX, TN, VA, NV, & WI.The exceptions are:California - courts have not started scheduling eviction hearings yet (at least in Sacramento County)Illinois - Cook County is not allowing the entry of any orders for foreclosure with no indication when they'll resume; Will County is not scheduling any Sheriff's Sales through the end of the year.New Jersey - some Sheriff's have canceled most sales through the end of the year.Louisiana - Terrebonne Parish has not resumed Sheriff's Sales yetAnyone else care to share info?

That alone would kill this deal for me (at least if using the numbers he had stated on his spreadsheet, which I agree some of his other numbers also look low to boot).

The hard money guys won't lend to me at this low of a are. 

I started talking to Quicken Loans - they quoted me at 4% - love it!