Please, lets not turn this into a debate on the merits of sub 30k property.

. :) ).As I'm sure you know you gave a bit of a range in the quality and desirability of areas, as well as long term development plays, but they all have merit.  

Trying to make a silk purse out of a sow's ear is difficult, time consuming, has unknown results and just doesn't merit attention.

Putting the merits aside, suit would be filed in the county where the work was done, unless the contract specified a venue of action.  

I've already learned (and I've read similar sentiments in quite a few posts here) that not everyone in my life is on board with this idea, but it does actually have merit. 

Personally, I don't think there is much merit in trying to say I planned for any different outcome, even though I am open to any alternate outcome.

Did the 50 mile bike ride for a merit badge! 

If you need to use the cash in your account to qualify for the NOO with reserves and closing costs, then you really don't want to spend any of that (if it is tight) on the OO loan since it may disqualify you.If you can qualify for both loans on their own merit, then it will not matter which one you do first or second.

I was looking at the merits of doing (2) versus (3) in cases where I'm funding it all and am willing to take the risk to earn an outsized return (this is what the poster is looking at as well).

I think there could be some merit to a smaller model in my location.