So, we have a few possibilities: 1) My parents could sell the home and buy a new one with cash which we could do a land contract again. 2) My parents could buy vacant land which we can then build on. 

You need to build a team (Legal, Title, Appraiser, Accountant) just like when buying real estate. 

Feel free to reach out to me directly.Looking forward to connecting with all of you and building some prosperous partnerships here on BiggerPockets!

Make sure this is factored into your valuation & underwritng.

It is a very nice building and no, I did not consider skipping insurance, although I suppose I could have, it is paid off. 

A new single-family home in 2022 cost $392,241* to build.

Everyone in this industry so far has really been emphasizing building relationships and networking so here I am.

Use this experience to work out the kinks and build a strong boots on the ground team.

I'm currently exploring options for speeding up the process of securing business funding and building corporate credit.

However, rate would be prime + index + an additional +2% for the shock factor just to qualify, but you can draw the funds whenever you want vs cash out where you have to draw all the money after closing.