Most of the time, you are better off selling the home and getting the proceeds tax free and using that to buy a rental.

The builder will need to be approved by the Bank/Lender or the bank/lender can provide you an already approved builder they have used before in that County.Once the builder is approved the Bank/Lender will have a initial meeting and set up an agreed upon draw phase based on the work that will be completed in phases.Best thing to do is have a conversation with a seasoned Banker or Loan officer to start an application and set up step by step plan.Feel free to reach out if you have any questions I am always happy to help and talk REI.

KBKR has free webinars covering their cost segregation tools that I am going to check out (free CPE!).

If you would ever like to meet for coffee, feel free to reach out any time!

This way, you can live in one unit for free or very cheaply while you get the hang of being a landlord and grow your money in the property.

Most cost segregation firms will provide a free cost/benefit analysis quote to help you determine if the tax benefits from the study will outweigh the costs.

If you need an investor-friendly lender intro to go over your financing options, feel free to send me a PM.

Feel free to reach out, I can provide references from my past clients.  

But if you purchase more than you sold (say you used the proceeds to buy two replacement properties totaling twice what you sold). 

They're willing to share it with you for free, so try to find ways to pay them back.