Just starting out - how to finance
Hi everyone, I'm brand new here it's nice to meet you all. My wife and I have been talking about buying property to build a short term rental cabin on in central Minnesota. We have a property in mind, it has an abandoned cabin on it now that would need to be torn down. We know who owns the property but have not reached out yet.
I know how to physically build the cabin and prep the site. But what I am unclear on is how best to finance it. I don't have a ton of extra cash that I could put into it that is liquid now. But I do have around $250k in equity in my home. I am also considering if it would be best to figure out a way to buy the property now even if I can not build the new cabin right now. Possibly just clearing the site and putting a nice trailer or something on it to rent out for a year or two. Any ideas or guidance would be appreciated!