Yes it is a viable option but it is very different than 2008 and also very different pre covid.

Putting it in this term I can see how this is the best option.

( I don't want to get too much into the weeds and possibilities of other options that may be available, so I kept this question very simple for feedback)

You may want to consider working with your accountant remotely to expand your options.

And once in a while there is a DST that is offered with an option to essentially have a % of your cash returned to you at any time much like a refinance. 

I think we had this option also but opted not to do it and as PM, if investor doesn't have a US bank account, we are required to withhold tax of 30% or so from every rent distribution.

I would love to chat about the property and see what type of options you have based on the zoning/buildability and your goals. 

I’m definitely leaning toward this option.

@Edward JordanI recommend a consultation with real estate tax accountant to discuss your options and potential tax implications. 

Also, since there is a huge gap in the industry in teaching people how to understand development and the different options we've launched an education arm to help bridge that gap so it's not just the "big guys" with deep pockets that can be a developer.