A smaller paid off portfolio seemed a lot easier to manage so that is the path I was on.. but I've come to the realization if I ever want to accumulate serious wealth I will have to use leverage and scale big. 

And, FMV on 1/6/25 is not FMV today because now you don't have a lot in an established neighborhood, you have a lot in a disaster area which comes with the challenges I listed above.We built about three dozen "fire lot" homes after our fire--all lots acquired off MLS or from owners that came to us (we didn't market for lots), and not at a price that anyone would call a "discount". 

.: @Colleen A LevittYou can always pay off or refinance the loan.

Therefore you're paying off the LOC at 2300 each month.

I would like for the properties to cash flow but have no intentions of living off of the cash flow.

-As noted, splits are off.

Once your income is stabilized, you can do a refinance to remove your coborrower back off of the conventional loan. 

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