It may make less cash flow/ per month but in may cases in the long run after PM fees and Repair costs, many times it turns out similar.   

For this being your first project and it being around two years, you want to underwrite in a way that minimizes your risk and maximizes your cash flow.Key Considerations for Underwriting This Deal1.

But if you want to use a conservative approach and use the extra cash flow to pay off debt versus further investing, I think that's a very legitimate way to go about it.

Between the equity on the condo and the extra cash you have, you can purchase 2-3 homes. 

I am sure there are plenty of cash buyers looking for deals at 65% ARV.

to cut to the chase land deals normally need 50% cash down.. then lender will do the balance short term unless its ag land.. 

There is risk that the parties won't agree to return the cash held in escrow.  

It would be nice to cash flow and I assume that is rare so appreciation is the goal within the next 3 to 5 years.

Investors relying on financing should budget for extended higher rates and ensure their deals still cash flow under current conditions.Scenario 2: Cooling Inflation and Rising Jobless ClaimsIf CPI shows inflation slowing while jobless claims rise, the Fed may begin signaling rate cuts sooner than expected.

If you don’t have a clear understanding of your cash flow, operating costs, and future expenses, you could be setting yourself up for financial stress down the road.The Power of Financial ClarityYou can’t make smart decisions without knowing the full picture of your finances.