It seems a bit odd that there are no fees accruing as what's the point to the city to mark the violations if they can't make money off of it over time.

For Property #3, out of curiosity what was the ARV?

Now to satisfy my curiosity, why are you stuck on buying a "single family home, 3-4 bedrooms, 2-4 bathrooms, new house".  

I have to accrue them for atleast 5 years to make a substantial down payment investment.

Just out of curiosity is the mortgage registered personally or to a business?  

Then hopefully I can refinance a lot sooner than if I just waited until I accrued 25% equity.

@David Braun, out of curiosity, are all the investors in your syndicate accredited?

The interest rate is higher but, you're not committing a federal crime (LOL).The nice thing about bank loans is that you're only expected to repay the interest accrued on what was spent per each 30-day billing cycle, so it makes it affordable during construction.

Sorry, I'm new to this game so my questions are more curiosity than perhaps the critical analysis you're looking for.  

@Liam Martin Just out of curiosity why FHA on this property?