Purchased three gently rolling parcels and combined them to create a creekside community of 33 lots.

However if that's not enough on it's own, a HELOC in combination could be a good option--I'm doing one right now for someone in a very similar situation actually.

I was speaking in generalities, given the post being discussed and the greater theme of it all does not lend to an in-depth discussion as to the finer functions and mechanics of all potential investment strategies and their case law to support or detract.And as this has fallen down a rabbit hole of details I will add, a LO is better understood in the more accurate language of Lease WITH Option. 

(this is why a run down property in a tough neighborhood will have a higher cap rate) Generally a higher cap rate will come with more risk, more work that needs to be done to the property, more intensive management, or a combination of all three. 

I am currently renting the upper level of my home, while converting the basement to its own "unit", (both levels have separate entrance, house is old and I suspect it functioned like a duplex at one point).

These issues did not remove usage or functionality of the rental space. 

Governor Newsome indicated that the way forward would be to combine the two bills. 

There’s a ton of discussion on partnerships and long distance investing, but not a lot of guidance on doing the two combined.

Please use the search function.

Lastly, cities/towns that have well thought out city planning and/or strict zoning if combined with the aforementioned characteristics will almost always lead to supply pressures that work in your favor.