There's zero reason to do this when there are plenty of options to avoid it. 

Alternatives include seller financing, a lease option, or using an LLC or trust to structure the deal while maintaining tax benefits.

Happy to chat through some options.

@Cole Starin sometimes it makes sense to sell the WORST property in your portfolio.Another option is why do a LOC on the duplex, when you could just do a $100k cashout refi to pay off all your debt AND keep the property?

What was the quality like compared to local options?

Another great option is the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat), where you buy a fixer-upper, renovate it, rent it out, and refinance to pull your cash back for the next deal, and this is a good route because most private lenders can go higher LTV than on a rental loan! 

@Kwanza Price - Syndications are a great options and even some QOZs. 

I wish the appointment was with him... its with an attorney at his firm, hopefully this attorney has a lot of experience and gives we several legal options... not another sales pitch. 

Consider house hacking by purchasing a multi-family property with an FHA loan, or explore creative financing options like seller financing or partnering with private lenders.

Sit back , let him build the house , and when its done , say " Thanks " You should check with a local land attorney and see what your options are