This’ll kick in if you sell OR refinance the property. 

Hard money, creative financing, or traditional financing should be viewed as different tools that you can use; try not to worry too much about finding one, singular way to finance every deal.For example, if you are buying an off-market deal from a family member, you may want to see if you can use traditional financing or creative financing since there's no competition and you'll get the most attractive/flexible terms.On the other hand, if you see a newly listed deal on the MLS, you may want to look at hard money since it can fund quickly like cash.Hard money loans are more expensive so you'll want to plan your exit before you get in whether that be refinancing into a long term note or selling the property.Hope this helps!

No more than 10 years and rates would be double digits.2.

Some people get lucky and enter the game when everything is easy to sell, but the market eventually dries up.

Personally, I lean toward selling and using the equity you pull out to buy a rental property or something like that.

I reached out to a real estate agent asked the following questions: When I'm done with this project, and after adding 400 square feet to my houseQuestion 1 - What can I expect it to sell for if I decide to sell?

Mortgage backed securities (MBS) lost -78 basis points from Wednesday's close which caused 30 year fixed rates to move upward.This was the third straight days of sell offs.

At this point the value of the house is still increasing but not at the same rate as the previous years for a number of obvious reasons (high Interest rates,  age of house, etc.) and at this point I'm not sure what my next move should be since I don't like having all that equity tied up in the property and borrowing against it (HELOC) doesn't seem like a good idea since banks seem to be charging even higher than "normal" interest rates because the house is not my primary residenceIt's been almost 2 yrs since a I moved out of the house and I know my time is running out before we'll have to pay capital gains on the property if we chose to sell it [unless I do a 1031 exchange of course] but wondering what other options I might consider.

You must sell the first property though before you run out of year 5.  

It would be a tough sell for sure, but you own the land and have put in for the soft costs, so that is helpful.