- Resale value may be lower depending on factors regarding the flood zone. 

Consider exploring HELOC options from national banks or online lenders that operate across multiple states.

The best option I see for you, if you can't get the line of credit, is to partner with one of us local rehabbers that have experience to make sure that $70k is legit and keep the project moving on time and on budget. 

On the other hand, if you have a lower budget, let’s say $100-$150k.

Also the added value from developing the lot is more in the vacant part than in the already built portion.If we do have to sell the whole parcel, another option could be a performance bond and a lien on the property.Looking up pros and cons of performance bonds, this interesting article comes uphttps://www.lauriebrennan.com/blog/to-bond-or-not-to-bond-th... 

GFH is just like a lower version with fewer features that are not sufficient to automate a Short-term rental business.You can also consider using Ownerrez, I'm not trying to run an ad for them right now but Ownerrez is a great PMS, and it has seamless integrations with different rental channels.

I would run the numbers on a second position to keep your first rate and the blended rate may be lower than 8.99.

As far as doing a conventional loan, your only changes would be paying something off to lower your DTI. 

@Seo Hui Han,You certainly can 1031 exchange from your current commercial into a multifamily; no technical issues there.To speak generally, multifamily properties tend to have more stable cash flow but lower income potentials than commercial.

Then later did a cash out refi at 2.25% which both lowered my payment and netted me almost $50k, which i used to rehab the property.