It's really a beautiful concept and speaks volumes about the extraordinary potential of the human mind.I'll leave you with this inspiring Biblical quote from our Lord and Savior Jesus Christ: "If you're not cheating, you're not REALLY trying."

(There are exceptions of course, for example asking for an appraisal as of a certain date instead of now.)That's a long-winded way of saying that the appraiser should kind of know the answer to that question.But the simpler answer is, if it's really a complete tear-down, then the value is "land minus demolition".

That will just be simpler to manage, especially if you decide to sell a property at some point.Find yourself a good title company or attorney to help with the notes and recording. 

This is an easy concept to grasp: you will owe them.

You need to take the basic concepts and adjust them to each market.   

Not sure if the concept is groundbreaking or if I'm reinventing the wheel, but the contractors working the job had been doing the same kitchen and bathroom remodel for the past few years.

It's the macro-market concept of leverage at work. 

it would be simpler to just insure the property for double its value and use an LLC and run it properly. 

Conception to completion What was the outcome?

Tried trading my house for a cool piece of property, eventually came to a deal and was able to raise money behind the concept How did you finance this deal?