@JaNae Anderson Please listen to the advice that many have suggested above along with majority of people that have been doing this for a long time.

No problem to pay off the original note first to keep everything clear, but still not sure the best way (or if it makes sense) to add an equity partner after the fact on the other property.I have an entity I can use if needed, but could I put the property in it as a single member LLC and then "sell" him an equity interest later without triggering major tax or legal issues?

(majority of NC markets)Alex

Have you posted on all the major online websites (apartments.com, rent.com, etc.)?

What I meant was that in my experience many people think the demolition and construction costs are going to the be major expense of a new construction project like the original poster described.  

Jaime Valencia congrats on getting starting before the majority of us.

Here's my advice, but take it with the caveat that I'm not a credit professional:Sign up for all the major free Fako providers, and also check to see if your bank gives FICO scores.

I've bought many properties this old or older with no inspection and there have been no major issues.

Hi my name is Daniel HernandezI graduated from the University of Texas at Arlington Dec 2015 majoring in business managementMy dad and i started building houses in Irving in 2014, our first deal went pretty well but we felt uneasy not being knowledgeable of all the other elements of real estate so i decided to get my real estate sales person licence Feb 2015.

From what I keep reading they state that agents, brokers, property managers, etc are major resources for finding data that I could use/crunch to determine property value more accurately.