There are also intermediate things you can do… like take a loan against the property if you needed some cash somewhere down the line.  

@Richard Edgar doing a cash out loan on land is EXTREMELY hard...I might even say impossible...but I can't speak for every lender in the country on this though. 

I have no credit debt and $12,000 of student loan debt I'm looking to pay off within the year.

I think between the last option and this one, most folks would pay the 1% + 0.25% for the lack of PPP.Commercial Mortgage Backed Security: Net worth must be equal to the loan amount, and liquidity must be 10% of the loan amount, absentee borrower is fine/normal here. 

Another option is to find developers who want to build multifamily by 2026/2027 (assuming that there is loan inventory by then due to the difficulties in securing new construction loans). 

I  know that there are certain stipulations that come with the grant and I want to use  FHA  loans to keep my down payments low.

I have very little equity in it and my loan balance is around $400k. 

The loan officer came back with questions that I need advice with.

This affords the opportunity for a homeowner to sell the property if it is not under water for market value and pay off the loan before they are foreclosed upon, or more commonly, short sale the property with the bank's approval. 

If you need to access equity for a second investment property, a HELOC would be a better option.Currently, many investors in long-term loans are seeing reduced cash flow due to high rates, taxes, and insurance.