I'm selling an investment property and want to know if the proceeds can be used towards a new build on an empty lot I already own.

I researched and looks like its A+ neighborhood but again I have some doubts and I have heard it's street by street basis in Memphis.

Purchase price: $1,000,000 Cash invested: $400,000 Purchased 25 acres with 30,000 sq ft of buildings with intention of transforming it into a retreat venue - currently leased.

The "For Sale" sign and phone number were posted on the front of the building, nowhere else.

We looked at full time management locally but decided to build out a team instead. 

I am going to be the financing arm of a new build and sell business.

Still working on building that. 

To add further context, one of the big reasons I even did the LLC was to start a business account and build business credit to further fund my rental properties and possibly get into larger apartment complexes in the future. 

The manager and mngt company work in tandem daily to manage tenants, buildings, maintenance, contractors, accounting, escrow, HR, taxes, fair housing, municipalities, legal etc… It does take a village for sure. 

If I were to buy a building that is in second mortgage foreclosure.