There’s not a clear answer but more of an it depends situation.

@Roy Gottesdiener i think you should seek a legal and financial advice to ask a about your situation and start from there.

Now if the property value went down or stayed the same...that could be a really crappy situation.

However, Google seems to suggest that the interest rate could be quite high and lenders won't lend as much since the land is vacant.To put my situation in context, I am currently working a W-2 job and my family and I are renting, so I am hoping to find a suitable multi-family property such as a duplex to move into for a house hack.

I'm in a similar situation with a  potential renter. 

In that situation you may have to be a little creative and possibly consider a short sale or maybe subject to and negotiating with the bank as well as the seller.

Definitely a good way to free up capital for additional purchases as long as you don't over-leverage and end up in a situation where you're not cash flowing.

It's a wonderfully informative book explaining in detail our situation of investing in a distant market.

I am taking a job in the area in about a month and want to lay the groundwork to hit the ground running.Just a little background on my situation... my wife and I are from the region and are moving closer to family after having spent the last 6 years in the Syracuse area.

I'm new to real estate investing and was looking for advice on my current rental situation.