We also have a tenant as an on-site caretaker that get's a $200 rent credit. 

My credit is good but I don’t have enough saved to purchase a home yet.

Credit was never an issue.

I think it sounds like a nice product if you are planning on owning for a long time.

You need a few things, cash (see above), good credit, a little discipline, and some serious guts (I remember sending the first wire transfer 😮).

I’m really interested in the Heloc because I don’t have to instantly start paying on it until I use the money but today what I was told today by Pedfed credit union today that I would not be able to get a Heloc on any of my properties because I’ve been grouped in a category of having 4 or more properties.

You need a few things, cash (see above), good credit, a little discipline, and some serious guts (I remember sending the first wire transfer 😮).

I would do conventional  but I’m not qualified credit wise.  

This lot price seems way high for what the market demands [350k for a finished product].

I imagine the financing you have on the property is very good, and it might be nice to use the home equity line of credit instead since you could then take advantage of having equity while still maintaining the better interest rate from 2015.