My opinion is that you're approaching the NYC market with the frame of reference from another market and you're setting yourself up to fail.

Take a look at Reno, it's is a solid area for rentals because of the limited new construction, tech and manufacturing jobs moving to the area (Tesla, Apple, Switch etc.) along with the lithium loop of mining and recycling to manufacturing batteries and vehicles.  

I have cash set aside for a downpayment for the 1st of the 3 lots to build on. 

Occasionally if we need a full set we will bid the two against each other to see who comes in cheaper.

I have a property I own outright in the Cleveland, OH area and would like to set up a HELOC on.

It's best to set expectations upfront and ensure they're going to cover all of the areas that you need to see.For inspections, while it depends on what your main goals are (e.g., price vs. quality & comprehensiveness), you can usually find plenty online.

Have you considered creating an investment syndication with you two as General Partners and soliciting Limited Partners from all over the country to fund the purchase/Rehab etc.

Is there another way to set this up when starting your LLC in the first place? 

@Karalyn DuncanEntering the real estate investing game with limited capital is a common challenge, but there are several strategies you can explore to overcome this hurdle.

It's not market like outside bay area where appreciation is driven by the aggregation of buying power or DTI limit.