. - WRT income, at a minimum it has to cover all of your costs plus some for unforeseeable expenses.  

Do you have a total price range you're looking for, or maybe a cost/door?

It cost $38,000 for the framer to take on the risk and do the work - and that does not include the cost of the GC, or architect, or plumber that was also required!)  

Larger properties offer economies of scale and better financing terms, but they also come with more complexities and higher upfront costs.

When in Due Diligence have a thorough inspection and get estimates for any work that is needed now and potentially in the next 3-5 years. don't forget about the tax benefits to doing the work upfront.

Quote from @Patricia Steiner: There are several lenders who offer low/no closing cost options for first time homebuyers.

Their cost basis is about $33k, the agreed upon purchase price is $250K and the expected appraisal might be around $350k-$400k. 

You won't find a deal where you live for free, but if you can live in a great neighborhood at a reduced cost of living that is a nearly risk free way to get started in real estate. 

Better play it safe and use a warranty deed instead.Also, later on when you sell your property, it will keep the chain of title cleaner for the next title insurance.Last but not least, a warranty deed does not cost more than a quit claim deed...

I believe they just didn't want to return to cash I paid up front.