It’s a wait and see game for me unless I find the perfect lot or plat of land with a stellar view at a fairly low price.  

Or maybe someone that "settles" for a less than stellar unit, only to break their agreement and move out when more desirable units come up over the summer?

The amortization schedule has nothing to do with the length of the loan, just the mortgage payment amount.My only thoughts if you take title and flip would be to 1) have enough time to re-position the property (ask for 24-months even if it is just going to take 6)...you can always reduce this if the seller hesitates, but you can't undue a 6-month balloon if the market turns and you can't sell and settle the balloon. 2) You'll have a lot of costs, so be sure your ARV and repair costs are there...you may have attorney fees for drafting the deed/mortgage, closing costs to close when you take possession, renovation costs, holding costs, and when you sell, you may incur many of these same costs again...if you use an agent or list, you'll have RE commissions to pay...and you'll be taxed under ordinary income rather than capital gains...maybe 30%+...just some things to think about.My approach is always to control even if the cash flow is not there because future equity is more important to me than cash in hand (but 99% of investors disagree)...it's all relative.It sounds like this one will be a good learning curve, so even if it doesn't turn out to be a stellar deal, you'll benefit from the knowledge of this transaction. 

What makes it a stellar deal? 

Being not local is limiting in a lot of ways, but I would say one thing I have going for me is that because of stellar credit, banks have been willing to loan me a significant amount on unsecured lines of credit.

I've got a stellar PM that I mentor who is a boss in the Vegas market.  

The existing balance is probably THE sole factor keeping home prices from launching into inter-stellar space.The ONLY way to dampen home prices is to dampen the demand, and that would (further) devastate the economy.... unless, of course, Yellowstone blows.

I have Commercial Lines in place to be a cash buyer, then put permanent financing in place, the best part of that is some Commercial lenders will do 80+% of BPO or Appraised value, my lines are prime +1%  (4.5% right now) and permanent even cheaper ask other investors, and brokers that work with investors who the good Commercial bankers are, build a relationship, it will take time to build trust, low DTI, having equity, and a stellar FICO helps too.

There are quite a few syndicators who are extremely good at marketing themselves with a stellar and curated presence online.

We are thrilled to debut this new technology in Casa Grande, showcasing the traditional aesthetic that our buyers love but with industry-leading concrete printed walls designed for durability, energy-efficiency, and noise reduction," says Greg Huff, president of Century Complete."