My loan agent has laid out few options for the loan.

Options: 1: I try to develop one of the two current vacant lots that I own using a mobile home to bring in more rental income without needing to get a new mortgage.

I really like the idea of pulling my capital back out and recycling it, which is why I like this option a ton. 

What are our options without having to go thru probate?

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I am looking for the cheapest option here.

It’s very hands on for most owners (high turnover employees  and employees stealing bc of cash sales) so as long as that’s something you’re willing to do it’s likely a great option for you. 

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Apparently, I am supposed to choose a sponsor but am having trouble sifting through the plethora of options.

Renting the lot might be your best option, and to be honest less hassle as well!