Depending on how good the GP's prior returns have been & marketing strategy, they can raise 70-95% of the total equity required to take down their next deal. 

I would also order a foundation inspection or sinkhole report prior to purchasing, if you don’t that fight with the insurance company is a "No Win" situation!

Yeah well, we are getting stronger and stronger hurricanes coming through and if I don't sell prior to house getting destroyed, would only get rebuilding costs from insurance.  

I can't find any information on occupancy requirements prior to sale for an owner-builder in this state, though it's well-documented in some other states like Texas so I'd be surprised if no guidelines exist. 

So you likely need to involve either a consultant or developer prior to make sure you don't buy something that doesn't have a fatal flaw or constraints that make the project not pencil out financially. 

Present an Offer to Lease with your terms and conditions for the applicant to become a tenant (sign lease, pay move-in monies) by a date certain prior to 8/1. 

Renter would be in place prior to this. 

How can I verify the Opex of the property prior to submitting an offer?

Thanks Michael,Diligent research was undertaken prior to using the current group, but performance has declined over time, hence why I’ve requested current recommendations from people familiar with the Alabama market.Cliff

Since eligibilty is often hyper specific to a particular board, it is essential to get direct validation from that entity prior to even touring a property.