I know there are a lot of options, especially since they are family and willing to carry the loan. 

Your suggestion to list on open market likely is the best option for the OP.  

hey David,As a broker, I have several options if you're looking to only touch the equity in a second position lien on investment property. 

If a HELOC isn't an option due to Texas laws, you could consider a cash-out refinance with another property or a portfolio loan, even if you want to keep your current rate.

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Quote from @Catherine Ding: My PM company is offering to do it for a high fee of $100/month so I'm trying to find alternative options.

We are trying to think of all our options for a rehab loan.

The advice I would give as a lender are these few options if you both are on mortgage.

If you're considering purchasing under a business name, consult a CPA or attorney for setup and financing options.

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road.