You'll do smarter deals and get better financing by waiting a bit.here's a payoff calculator: http://www.timevalue.com/products/tcalc-financial-calculators/credit-card-payoff-calculator.aspxI also suggest looking for an owner occupied duplex/triplex/quad for your first purchase.

It almost makes me want to deal with the tenants myself but I don't know if that would be the most productive move either.

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Is there a lot of distressed product on the market?

Extended lock options vary and are designed to add value to both the buyer and the builder since it gives the buyer insurance against future interest rate risk and the builder receives protection on their accounts receivable/inventory.If you're obtaining your own construction loan and take out/perm financing in one package, local/community banks may be a better option for owner occupied construction or spec build financing products.

The sponsor there has been very good at updating us on the progress and just this past week sent pictures of the finished product that is now on the market.

I know of a couple that are up your way but full names escape me at the moment.

If I am buying it for $200,000 I was figuring total cost to me at about $13,000-14,000.

Their product is money.

I decided that might be too risky for me at the moment so I continued to try to think "out of the box" to the best of my abilities, and upon doing some research I came across a real estate investing strategy known as "wholesaling".