Multiple, billion dollar companies are investing substantial amounts of money into our area, such as Intel, Google, and Amazon.

If you would not live in the property, it is hard to get good tenants that would so your vacancy and bad debt will be higher than expected (costing you money).I'd be happy to have a phone call with you. 

@Aspen JayIt doesn't seem like the numbers make sense unless you can put more money down to lower the monthly payment which I'm assuming that is the largest part of your expenses. 

If you dont have big pockets for this type then doing less extensive renovations is not as efficient numbers wise as you will see in Ontario to cashflow well as you are limited by stricter rent control and there is less degree of appreciation (Use the Biggerpocket calculators and you can see how massive the difference is with differences in appreciation over time even by.a few % points).

I was thinking hard money loan and then refinance into a construction loan after splitting the lot.

All the gurus & mentors tell you that you can do real estate with no money or credit, except, of course, for the money you have to pay them to learn plenty you could easily find for free online or just thru the School of Hard Knocks. 

I purchased a small multifamily last year and spend some money on refurbishing.

I've been at companies early in my career that weren't making any money and some loosing money or facing bankruptcy. 

The property price is $95kim buying under my llc (I am single owner)no I don’t plan on rehabbing already done, I was going to bring in $26k cash to close.loan was for $72k  I think you're going to have to go private/hard money to acquire the property and the repair the basement.

You would probably ask for your money back.