Or you could always utilize private money.The biggest point to take home is to ensure you do your due-diligence, ensure that the numbers work with utilizing a hard money lender as they typically or more-so for short-term purposes because of their higher interests, short-term loans, and other fees/expenses.Good luck

They must be purchased through a Series 7 licensed advisor (I am one) but can be an option for completely deferring any capital gains for tax purposes.

What is your opinion on getting property in palm springs, california for investment purpose?

So, we are really just comparing profit options.It would take you 40 months to make up $131K with $3,200 in rental rate, just figuring the rental rate alone without expenses and mortgage payment. 

@Tim Watkins, it sounds like you have a 2-person LLC, and assuming you did not elect to be treated as a corporation, it will be treated as a partnership for tax purposes. 

@Mathew Wray Combining two separate lots for development purposes does create plottage value, however, it may not be enough to overcome the fact that the tear down is going on the market and will likely be sold for a high dollar amount, and you have a nice house worth half a million dollars that would need to be torn down. 

Thanks for the comment though.What I'm getting at is that comparing two scenarios....#1 I'm at a $200k property value with a $160k balance#2 I'm at a $200k property value with a $60k balance on 1st note and $80k balance on HELOC. 

I refused to replace the system plus, for whatever reason, those systems seem to be much more expensive in my area compared to what I hear for other areas. 

The kitchen doesn't have requirements unless there's WC clearance issues because residents don't cook or use the kitchen.Are you going to run the business too or just modify the home for that purpose and sell it?

I'll round the numbers for the purpose of this discussion but basically we paid $440k for the property and have a planned reno budget of $100k.