In your case, the finance charges you are currently paying will likely be less than any construction debt you originate so I would recommend first confirming with the existing lender how to release the developable parcel and then obtain all of your approvals before proceeding. 

It's still a great time to invest in South Florida. 

I am just starting out and have yet to purchase my first investment property.

Or it simply to find a city where you can rent an investment property full-time on Airbnb?

Hi there, my wife and I live in California and are currently under contract on our first rental property, a duplex in Bismarck, North Dakota.

Starting with a private lender loan and standard tenants may be simpler for your first property.

In a perfect world, I would get a non-recourse construction loan, one-time close to permanent financing.

At this point, our first closing agreed upon in the purchase and sale had came and past.

I would also add 10,000 per month of repair time to go from X to Y. cost of added value is never linear. 

I appreciate you taking the time to reply with this.