If I go through with the DSCR refi the rate jumps from 3.25 to 8.5. 

I would keep it as a rental and when you have enough equity to do a HELOC I'd go that route.

After that, figure out the next step to take toward your goals.

Should I go ahead and develop the land entirely and risk losing that money? 

Unless those items are all satisfied (except for housing violations and some non-monetary liens which follow the property), the department of finance will not allow the deed to pass through to the next stop in the recording process.So even if you wanted to dump a property that was totally upside down with liens to someone who was willing to take it from you, you can't do it.

Those would be the best place to start.

Sell the property, buy cheaper, and have more cash to put into another?

Quote from @Tessa Tsui: You claim to have read those articles before, but you are using the wrong terminology and asking a question that is clearly answered by the resources Russell provided.

Reframed entire first floor to due previous fire.

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