@Ben Carlson An issue that might seem like a simple one is access.

This is a great forum with very knowledgeable members that will help to guide you in the right direction.There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesI really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts

Ideally they will have MLS access since I need historical comps, and that is the easiest way to find it. 

Refi and rent will allow you access to some capital (and only makes sense if you can reinvest it) while also getting some monthly cash flow.Other factors: do you think the property will continue to appreciate, and at what rate?  

They will likely jump up (I think) but I dont expect any drastic changes in the near future, in terms of peoples access to affordable debt. 

The issue is, that somehow they got access to the property and moved into the house.

I learned how valuable it is to have quick access to capital from a loan.

Also look at easements (especially on the vacant land) and factor in parking driveways, will the city let you curb cut for additional access if needed or are you stick with what you have.Also look at the number of parking spaces needed for new builds vs what you have (will a new build trigger anything there), and consider if enough electrical is available at the site for new buildings.Is there a Town Approval Board or some other such PITA process you must go through to get building/remodeling permits, and how much control do they have over your actions (plus how long do they take to approve, and is it "The Old Boy Network" to get approved (???).

This is a great forum with very knowledgeable members that will help to guide you in the right direction.There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts