@David Levin, as Rick mentions, there is a lot to factor into this.  

Yes, thanks so much... a lot to digest, but I think I get what you are saying. 

And then clearing side lot to build a duplex.Any insight on how to proceed, or additional considerations I should be aware of would be appreciated.Thanks,Austin

@Brandon Sturgill Honestly, Ohio hasn't been on my map to date, but I want to stay open minded as I certainly have a lot to learn.

There is a lot to answer in your post and a lot will depend on answers such as:  how much did you purchase the property for? 

I have a lot to think about.

I have a lot to learn, but I'm excited to be a part of the community and get started on the journey!

I know I've dropped a lot to talk about, and am looking forward to responses in all directions.

Property condition and value (In case they have to FC)Borrower's ability to repay (Using an RMLO will help with this)Payment historySeasoning (How long has the borrower been making on time payments.Clear chin of title ( you might want to get a title policy to back up that sheriffs deed)The note itself, Rate, Term, Escrows etc.I would recommend structuring the note to Require escrows for Taxes, insurance and HOA.Have an interest rate between 8 and 10%Have the borrower pay the servicing fee  (Usually between $18.50 and $35 a monthI would then place the note with a servicer, there are a lot to pick from Allied, Madison, FCI, etc.

@Dave Foster thanks, a lot to think about it and to put into consideration,