[jhynesrockmtn]

So building for rent and not to sell it sounds like? Will this be a vacation type rental or full time tenants? VRBO type properties are more work, more damage and less net from my experience. Given it is a waterfront type property that may be your only viable tenant pool. Do you have the financials worked out on what you expect in terms of rent and what the servicing of a loan would look like? I would approach a local smaller bank who has more flexibility. I shopped my apartment commercial loan and the big guys wouldn't touch it, but a few smaller and local banks and CUs worked with me. I wouldn't touch the 401k, but if the financials pencil, do the HELOC and once finished and cash is flowing, you may get a bank to do a primary on it. I would sit down with your business plan, spreadsheets and a few bankers.

If you have several lots, what about building one to sell and then take that profit/cash and build your rentals?