The land is in a very non-desirable area pretty much in the middle of no where so I would assume the cost of the land is low but don’t know how the ROI would be after you had the infrastructure up and running.

You also need the operating cash to do rehab.I say this because you mention FHA and low money.

Lower risk of wrong product.    9.

@Chase Calhoun - great looking product you have built.

FHA 203k is an amazing product and under used! 

Insurance market across the country is very tough, especially for older product. 

I certainly know that future years the expenses won't remain that low, but wouldn't that be a reality on a property that has a lot of recent improvements?  

Based on what my mortgage broker told me a couple of days ago, these rates are in the low 7%'s, whereas the secondary home loan is low 6's.

Maybe I'm no longer a low risk bond investor, maybe I'm parking my money in $VOO instead, CRE REITs, or perhaps higher risk higher return bonds. 

The differences between most software is subtle and may be how they bill for their service, support their product, or the process to use those features.