I am working with my lawyers on this issue.

Oak island had beach erosion issues which I didn’t want to deal with every year.

.- Property receives one set of taxes- Both houses are approximately the same sq ft. (1300)- Two single-family homes, not attached (two different addresses)- Property size 0.45 Acres- Township won't allow subdivision unless each house sits on 0.5 acre lots- Will reside in one house upon purchase, and will rent out the second house- One house currently rented out for $1,400 a month with a one-year lease- Purchase price $260,000Looking for ideas or best ways to finance this type of property!

Slab easier and no water issues like a basement .. maybe less maintenance .. have to rip up concrete to access anything tho right?

The overwhelming majority of legal issues between renters and landlords are security deposit suits.

Like @Dave Rav mentioned, a lot of fires happen due to cooking issues in the kitchen. 

Problem with that is I would have to have to take out an original conventional loan to start, then right away refinance and get double hit with the lenders fees.I know I will run into the same issue as before where the money is essentially locked into equity because of the small loan amounts if I move forward and purchase this now house for $65k. 

This, notwithstanding all the other issues that have been mentioned.Being innovative and a trailblazer is great but it has to make sense, because trying to reinvent the wheel is often the thing not to do.

There may be some issues with this one...fyi.  

The biggest issue, is what IF rates do not come down?