Then we committed to bank 10% of everything else (a tithe above a tithe I guess) and pray separately for places to give.   

Hence you needing to retain an Architect and have them do due diligence into the feasibility at which part of their services would be checking what is able to be built in compliance with the applicable jurisdictions. 

This is similar to how a traditional mortgage works when a bank requires an escrow account.

Will the bank count all of the debt against my income, half?

Their ability to accurately estimate the after-repair value (ARV) and confidence in their pricing allows them to exceed the 70% rule by 1% to 2%.Finally, experienced investors often have advantageous financing arrangements with banks.

I am currently in operations for a large corporate investment bank, which pays the bills, but I am looking to build wealth using real estate.

The thought came to me because people pay a premium for new construction but then each year systems get older, so you are really banking on the value of the land.Thanks!

Focus on finding solutions: Short Sales/Foreclosures: Help distressed sellers avoid foreclosure by arranging short sales or negotiating with banks.

Or better, buy a property that is not subject to an HOA.Also, if you are leasing for 6 months or less, you will be subject to the 6% Florida short term rental tax.You may also have city and county additional taxes, business tax receipt, and mandatory inspections for short term rental depending on the jurisdiction where your property is located.

For example, last year a friend of mine was able to secure a line of credit through a regional bank in Phoenix..