My next project is near a university and I suspect I will have many students. 

What kind of projects are you looking for?

If you are pressed for time or funds for another project, it may be better to just sell as is and move on. 

We are looking into developing the land into multifamily (quads or duplexes), but have never done this type of project. 

They wanted to make sure if the project went over budget, I would have the funds to finish the job.  

I'd also highly recommend building a spreadsheet to help calculate and factor in ALL costs of the project such as closing/double closing costs, holding costs, rehab costs, staging costs, and resale costs.

Without a job, you can't really get a decent loan from the bank to finance your RE projects.

It’s located in Redlands California I have gone to the city and spoken to the planning department and, I seem to meet all the criteria of what I am trying to split Just hoping that someone might have some more guidance or information on how to do this correctly and what the cost might be associated with this project.

Matt - thanks for the post I would recommend getting an owner occupied purchase loan for the new property you plan to buy ...this will allow you to get best rates available I would also recommend doing a  " cash out " refinance on the  free and clear rental  in order to obtain  a larger amount of  cash / working capital  for your  projected  plans  ......ideally a heloc  program would be best to set up but most lenders / banks wont  allow a heloc on a rental  property so you would likely need to  use a straight 30 yr fixed loan ..adjust the loan amt  so that the  cash flow you end up with is acceptable for you

Familly and friends can use their SDIRA, 401k or pension and make good returns while they are funding your projects.