Do you have two years employment ? 

Legal residents of other states are not required tofile a Georgia tax return if their only activity for financialgain or profit in Georgia consists of performing servicesfor an employer as an employee where the wages forsuch services does not exceed the lesser of five percentof the income received from performing services in allplaces during the taxable year or $5,000.3.

Both are financially strong ( all of our investors are accredited) and have other relationships with the banks.There are also some smallish private equity funds that will lend at interest rates in the 8-9% range on portfolios of notes, minimum loan size starts at $1,000,000 with 60% max LTV.In both instances the lenders want to see the quality and performance of the underlying notes being used as collateral.

It can also depend on the size of the lot. 

I make sure mine qualifies as Schedule E income (rental income, not self-employment income).  

Regardless of what you are doing, you need to have a contract with an agreed upon scope of work document (pending on size of project) with every contractor that you work with so that this does not happen in the future.  

The difference between the two treatments is whether or not you pay the 15% self-employment tax on your profit.Still, I side with Ashish in recommending professional help, as my suggestion needs a more detailed discussion before implementing, with a few pitfalls to address. 

@Clay SellersIf the 401k is with your current employer, then you likely cannot roll any of it until you terminate employment. 

Now I have a kitchen that is now twice the size and a new dining room that connects the living and kitchen together creating a super open concept which I can enjoy for the next few years living here.

It's dependant on your end finishes, size, etc.