Market timing, properly acquired property, personal capital available How did you find this deal and how did you negotiate it?

Option 1: The loan that the owner has is an assumable loan at a 3.875% rate and still has about $265K.

He knew the person selling this property and asked if we were interested.

it will be a corporate/wellness retreat/short term rental destinationI need land that is close to the Action, but not too close, and preferably comes with two single family doors already built, so I can take advantage of Fannie Mae owner occupied loan and develop the rest of the land on my own and with private funding.Is Columbus a good market for this strategy?

Personally I wouldn't feel comfortable trying to wholesale a relatives $1M home knowing that I am breaking the law if I cross over into doing anything that can be considered representing them in the transaction, and knowing it will only be marketed to people who buy properties wholesale (typically investors who don't want to pay retail prices), instead of the majority of retail buyers active in the market who are typcially willing to pay more. 

I have got a audit on my loan something like this.

I personally use 40% but I'm also in a higher rent area.

I plan to apply for an FHA loan for my first investment if I were to find a deal, but if I can't something that works for buy and hold.

Rentals are extremely difficult to make pencil right now but would only personally consider higher end projects because the costs are far easier to absorb than trying to build in lower value neighborhoods.

Many Realtors will suggest purchasing a property using a FHA Loan, to reduce your out of pocket money.