Now with my spark renewed, with some luck and good advice(hoping from here ;)) I can realize my ultimate dream of land development (long off).

He said that private money always says "Yes"Hard money is instrumental to our business as an acquisition strategy while we create or realize the equity.  

I went back and looked and realized that I had never thanked y'all for your answers. 

Instead, I've realized that the best thing I can do to advance in real-estate is work my tail off as I am and provide money for our partners.

You can realize a goodly profit, but it takes time.You can also sell it for 70% of ARV ($486.5k) which gives you a little over $40K, minus costs or God forbid extensive repairs.

Talk to several realtors, and explain your situation, but realize that not all of them are 'practical' people.

the loan would be over 91% of the realized value of the property. 

This property is impossible to owner occupy in its current state and the serious offer they did have fell through because the investor realized it was more work then he could afford with offering 85k.

(You will have to exercise your option to realize the spread).  

So when you want to find a tenant for that property you don't close on for 6 weeks, you can't unless you have written permission, which is harder to get than many people realize.