Originally posted by @Thomas S.

Originally posted by @Jon S.:... do you prefer to prorate the 1st mo rent or change the due date?

Steve S.

In my experience, lenders want more equity in the land loan than the construction loan, percentage-wise.Here is an example using @Scott Krone 's numbers.The lender might want 40% down on your $35k land, so you need $14k for the down payment on the land.

Title company, Insurances, Contractor(s), know the market, know the days on market for properties.Find out from lender if there are monthly minimums, how many loans they're closing monthly, how quick it will take to close, and what they will need from you.You're going to want to operate quickly because the longer you have the money the more it will cost you, so get your ducks in a row.  

Originally posted by @Thomas S.

This would be about a 5.7% CAP when renting out for $1,500.https://matt.rmxequity.com/homes/832-W-Lennox-St-S...

SELL the property now.Rent a place, build your credit and get your s**t together.It's a no brainer.

✓Requirements for a Delayed Financing ExceptionThe original purchase transaction was an arms-length transaction.For this refinance transaction, the borrower(s) must meet Fannie Mae’s borrower eligibility requirements as described in B2-2-01, General Borrower Eligibility RequirementsThe borrower(s) may have initially purchased the property as one of the following:a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust;an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.The original purchase transaction is documented by a settlement statement, which confirms that no mortgage financing was used to obtain the subject property.

I have mine set up as an LLC with an s-corp filing at the IRS.