Avoid PMI and then go to a local credit union and get a heloc after closing to gift the money back.Have this as a tool in your tool belt but pursue use of the 3.5% FHA, knowing that you will be at a competitive disadvantage if you are competing with non FHA buyers, then you can call in the favor from your gift person.Just know that if someone gifts you down payment money, your bank will require them to sign a letter stating that it is in fact a gift that doesn’t need to be paid back.

Turnkey or close to turnkey would be nice, but willing to consider a fixer upper for the right opportunity. 

It was a personal referral, received a credit at closing for renovations as well How did you finance this deal?

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

I've bought a couple sub-to's in the past and about to close on one next week. 

Did they close on time and deliver as promised? 

Congratulations on closing the deal.  

Very close to two college campuses and downtown. 

Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.

If you want to change the design, then do upon closing.