If your goal is to try your hand at flipping a townhome or remodel, you could definitely give that a try, but I think that it could be risky like you mentioned given the spike in rates. 

However with the spike in oil prices its hard to say if it might be as expensive as electric right now.

With that being said, I think Utah is a great market if you are looking for a mix of appreciation and cash flow (once rents catch up to the spike in the near future).I have posted extensively about this here on BP so look back at previous posts if you want to take a deeper look.I would be happy to connect and chat about where I see these types of investments transpiring.

@Maria Raspatelly- Movement Mtg has  offices  in all states and is strong in FLA ...refinancing the  FHA loan to a  conv loan normally is a  great move  a this might  allow the removal of the FHA MI .....with rates  spiking - this benefit has likely been  diluted  ....I am  aware that the  main reason to refinance is to free up the  FHA ..........BEWARE  ....if the plan is to  refinance the  present home as a " primary "  home  and then immediately look to  purchase the multifamiliy  to be your primary - some  lenders   will not  be able to  help due to  two primary  residence loans  closing  in close proximity .......if the  refinance  is to be  done  as a  2nd home or as a rental home - then this will be OK  for  all lenders 

I agree that the market cannot withhold continual spikes in interest rates and at the end of the day, wages must support the cost of living.With that being said, he does have the luxury of sitting on $100 million.

@Bryan Noth, thats awesome, I bought a property in 78617 recently south of airport, still DV .The area is seeing sharp spikes as well but not as high as 78725, maybe it's a matter of time?

His take is that there was a simultaneous spike in demand and drop in supply.

2) If prices drop, do you anticipate rates to also spike? 

The reason I would reimburse him is because it sounds like you had an agreement to do the work and you drug you heels on getting back to him.

All project's Achilles heel are the Change Orders....they will eat up your extra $$ and will aggravate the Contractor.