Am I missing something here?

They may miss out on future gains if the neighborhood continues to increase in value.

If I am all in on the property for 360k (purchase and some finishing construction as well as carry costs) and the home is valued at 450k or more (based on what im told by agents as well as my own analysis while staying conservative), that is 20%+ equity I believe, unless I am missing something.

Unlike some of our other tax-related debates, this one is actually important to a lot of people. 

Am I missing anything significant in this thought process? 

.- Some people go to F, but what's the point?

On most any day you could find people walking dogs, or children playing in the area.

Either they overpay or don't negotiate the right terms, or miss something major. 

People should stop applying sale of goods theories to it.    

This was my first investment property and I had a poor inspector who missed all the electrical and even though the roof had about 5 years left my insurance company made me do that.