Sounds like you have a good head on your shoulders...willing to be patient and able to run numbers.

Be patient.

If you are spending your own funds on the rehab and not answering to investors you can afford to be patient.

That being said I think it could be challenging for them to find the right buyer - someone patient for a short sale and a buyer who wants to bring $72,000 in cash for liens and short sale negotiators before their downpayment?  

POS requires only safety compliance but as a rule, houses been updated to much higher standards than POS requires

I don't know what's going to happen, but with where we are in the cycle, I would be concerned with safety of principal.

I work as a fire fighter, so I know the reputation of Lake Edwards quite well and intimately from a public safety standpoint. 

- Jenny and Chi Coming from experience i lost 4k for doing nonrefundable earnest trying to get a 203k funded even with a consultant, etc. they take a long time. make sure your are patient. you may want to just close it and do a cash out later on and use some of your funds to do the project 

best advice i know if is to be patient keep your eyes open.  

Do you research here, attend some of the local meetups, and be patient most of all.