Typically $2m+ homes don't cashflow due to high taxes, high insurance rates, and low rental demand. 

Could I be missing something, or is this typical for the market right now?

You typically don't want to split up construction and engineering services/planning here, but we did this to let us see how well we work with the firm.It's probable, if we work well together, they will also be our GC.

I typically wouldn't look at new builds but it seems to be very reasonably priced.

Plenty of demand drivers and diverse economy.

@Loan NguyenRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

But you have to understand the seller is taking on a significant risk of having someone else run the property and not knowing if they will get the final payout.If you are getting typical rates, why would you not just buy the property outright with 20% down and obtain mortgage financing from a lender?

It is typical for them to be bad.

With $50k, you might be able to get started using an FHA loan, which typically requires a lower down payment, as long as you’re planning to occupy the property.

Rates are typically higher than a traditional cash out refinance, however at least you are not getting the full loan amount + you have the flexibility to draw/tap in the money whenever needed.