There may be a better way and I would definitely look into building loan programs in your area and not take my word for it because this is what I recall from my most recent conversation with new construction lenders and I am not 100% confident.

Between the regulations, lean ADR, effort/cost I suspect there are better markets.  

Buy cheaper or find better way to increase cashflow Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Based on my research, the self-directed 401(k) seems like the better option, but I'd love to hear from those who have experience with this strategy. 

This is all in comparison to places in the Midwest, which appreciates slower but is better for cash flow.

Is there a reason why you think refinancing is better? 

My IRR model looked much better three years ago.  

In Cleveland Heights/Lakewood, a long-term rental (LTR) is a better fit if you want passive income with stable cash flow—especially if you use a property manager.

I've looked at the same fund structure for horizontal developments in the south east in Orlando, Jacksonville, Atlanta, Tampa, Raleigh, Charlotte, etc. in my opinion debt is better. since they are getting 3x returns on the average land plot they can be wrong 1/5 times and still make plenty but as a business that's how they set it up.

Reach out to them for terms on a HELOC. should be much better than Better.One look at that and i would tell you it's wayyyy too high, but there's not enough info from your post to determine what is contributing to that interest rate.