The monthly fee for renters ins I thought should be optional as renters insurance is so cheap and I already provide hvac filters. 

I know there are a lot of options, especially since they are family and willing to carry the loan. 

If a HELOC isn't an option due to Texas laws, you could consider a cash-out refinance with another property or a portfolio loan, even if you want to keep your current rate.

I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals. 

So before dismissing your options, you may want to consult an investor friendly Lender who is an out of the box thinker.

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

I’d focus on property types that align with my strategy, leveraging financing options that fit my budget.

Look into local tax incentives and financing options, and reach out to local real estate groups or mentors to better understand the market.Good luck!

I am looking at different loan options but to break even (not having to put any money of my own in the house after the initial down payment) the current down payment required is that much. 

Give them a couple of options, they already know the unit got foreclosed, most people move to avoid the hassle.