Provided your Sub2 purchase closing is done complete with all the necessary paperwork (e.g. limited power-of-attorney between the sellers and you), refinancing should be no different than a normal refinance.Sub2 can be heaven or hell, depending on the quality of your closing paperwork.

Never under estimate the power of good old fashioned fun in real estate.I have a couple questions/ideas for you. 

If you don't have water, sewer, and power at the property already, it will substantially limit how many units you could feasibility build even if 100% of the land was otherwise usable.

If you start pooling money from people who are not full partners (i.e. have decision making power), you will start to cross into the territory of securities, in which you will be subject to SEC rules.

One other tip is to let your listings expire and re-list that makes them not appear as 'aged and stale' - power users will check history and notice but you may get the attention of some and those that have recently setup alerts.  

This is a solid indicator that sellers still remain in power within this high-demand neighborhood.Can this trend continue?

This will be an architecturally interesting building on 2+ acres with power gate at the road and fairly long driveway that sets the house out of sight from the road. 

If you see the power of real estate, you can reinvest your gains and then get the cost savings.

Never underestimate the power of the platform algorithm.  

They have successfully overruled the two most powerful maxims most investors use to determine what to invest in: 1) location, location, location and 2) the ROI.