Typically the new owner has to honor any existing leases.I can't speak for Oklahoma, but in Texas, that dog won't hunt.

I will need to pay off the existing mortgage ($451k) with a construction loan; at most I can put in $180k toward the build but not sure if that is wise to put so much of my own money in.So far my best option seems to be to partner up with an experienced developer/builder who can put down cash towards the construction downpayment *and* qualify for a bank construction loan.

She could easily accuse you of stealing something that never really existed.

@Oz Radiano US banks are notoriously difficult on this issue due to regulations requiring that you appear in person to open the account.

Plus you can get an unsecured line of credit or a credit card with a cash advance or even a secured line of credit on your existing rental property. 

This can give you a place to start for contacting a lot of smaller community banks that you may not know even exist

.- Aside from the sell-each-lot exit, there's also a potential divide, rehab existing house, and hold land exit. 

If I had an existing buyer client that was interested in one of those properties I would have to do dual agency but that situation just hasn't come up and I'm glad it hasn't.

@Brandon Sturgill Concerning the the Virginia state regulations I believe to be a licensed broker you have to work as an agent for 3 years, but I am unsure if the degree in Real Estate would negate that.

Hi there, I'm looking for ways I can get additional funds for a down payment on our first investment property. We have money in savings, but I'd like to draw from that as little as possible. My husband and I are 2 mem...