We have spent around $20,000 in reports and surveys to prepare the property for new constructionThe main issue I'm facing is that I don't think we can build this on speculation because our construction loan interest will put us upside down if it sits on the market more than 30 days.

A fund often means you have money sitting idle and investors deploy their money to make money. 

The lot sits between 2 row houses.

Should I take out one $750k refi, and sit on the cash until I need it?

I wanted to go on record as saying I just had my first networking coffee meeting with someone I connected with on BP: @Kyle PotswaldKyle was kind enough to sit with me, give his insights into lending (his business) and other aspects of RE investing.

@Q JohnsonI recommend sitting down with a mortgage broker!

But I do sometimes wonder if we are going to end up with some board, appointed unilaterally by the president, who sit for 10 year terms, and answer to no one but themselves, and are the "tsars of housing" in America.

@Matthew DuchBasically once you walk upstairs there’s an open space(sitting area now) that I would turn into a bedroom.

I have no problem leaving a property sit empty until I find a suitable tenant.

@Ivan Mendoza - a lot of people see buying properties with sitting tenants as risk (which it is), however, this can lead to obtaining properties at a steep discount.If the property is on Auction.com it's likely (but not for sure) a mortgage foreclosure and the 'tenant' is the previous owner of the home.