I don't want to take on too many, but just enough to bring in supplemental income to continue with my investment plans.  

How much is he paying you monthly to use your land?

Hey @Amit Desai, yes if you are planning on renting it you will be in that investment load space.

As a side not we planned to use a line of credit from the same lender as the down payment. 

But, can you then EASILY find a Buyer who will pay you more?

That would be my #1 rec, I know I'm biased as an agent myself, but what you pay an agent to sell your properties for you, is worth it if you have a good one!

I have a friend that I just taught amortization to as he is trying to quickly pay off his mother's FHA loan to remove a co-signer, then cash out refi (yes, I explained interest rates right now).

I have bounced around between various plans and strategies that I want to pursue.

The city gave me 3 options: 1) return the unit to a garage, 2) get an architect or draftsman to draw up the building plans and then pull permits, or 3) get a structural engineer to "stamp" it and say that it's up to code.

Me and a friend who grew up together are planning in the next year or so to begin our fix and flip journey.