The debt argument is kind of weak as well. 

Use that practice run to see where your weak spots are.

Our local on-the-ground team is good at many things, with weaknesses in some areas.

An FHA offer is especially weak on a REO because the seller knowns they will have inspection issues and banks are often unwilling to make any repairs at all.

Dave Ramsey chronically says that numbers don't talk about risk, especially % ROIs, future expected gain value, etc, etc. 

@Chris Kendrick- thanks - if interested  in getting into it -  I would recommend  getting  formally pre approved for any hypotehtical  scenario you want to try .....this way you will know  what you can or cant   afford to  do .....with financing in place - you can begin to look  more seriously and  if you cant  get  pre approved - you  can identify the weakness  and  work on it  in order to  be able to  get financing down the road - good luck

If the numbers look weak or unappealing then cancel the contract.

I  always prefer restaurants over coffee shops...Starbucks business meetings feel like an MLM gathering or a weak pitch session.

Or hold for the equity build up even if cash flow is weak due to high transaction costs?

I believe this Is the greatest opportunity, not because of pricing, but because your weaknesses will be exposed.