Need some suggestions on funding property development

[Mike Brautigam]

Hi all, my first post here, lots of great info which is awesome. I have a few questions about some family property and how to approach development from a financial side, here is some background info. The properties are in British Columbia, Canada. The 1st property is a vacation home we are building, the mortgage is approx 300k and the value as it stands is about 700k, completed will be about 900-950k. Nothing is attached to it financially and we dont plan on completing until after some of the properties are sold to pay for it . The mortgage is under my mother-in-law who is a teacher and will be retiring in the next year or two. The other property is 17 acres - 3.8 of which we have had released from ALR and are ready to apply for subdivision. This property is in my mother-in-law and my wifes name. My wife has 2 brothers who are also involved in this. We plan to subdivide in 8 parcels (9 including the remaining house and 13+ acres). This area is a new development and lots are selling for 160k - 225k depending on lake view/size/layout. We plan on selling a couple to pay for the lakehouse and for the costs of the property development. We all have stable jobs but we all have mortgages on our individual houses of around 250-300k each. We also each have the odd small loan cars/investments etc. and we are wondering what the best way to approach this is?