@David C.Thank you for your response.I'm sure you see the myriad technicalities that are floating around here.

Therefore, a normal FHA loan seems to be out of question.The other ideas floated to me were FHA 203k loan.

The broad-level groupthink seems to believe that Denver and C Springs pricing will just expand all the way down to Pueblo, but I see it as a completely different place altogether with much different underlying fundamentals.The risk is that if/when prices flatten or decline in those metro areas to the north, credit markets tighten and there is less capital floating around, the "dumb money", if that's what it is, will stop coming in and Pueblo could possibly revert to what it was all along; a place in post-industrial decline.

In my opinion I wouldn't recommended attempting to site build a duplex or other multi family, at least for a first deal.With a one time close construction loan you still need to float the interest only payments monthly until the building is completed. 

Additionally my companies have solid cash reserves to float some tenants if needed.

I feel like the general attention to Durham flips have drifted elsewhere due to the entry costs and workload the properties are taking.

I have two mortgages that will adjust in March 2024 and one more in March of 2025.I'm thinking of waiting until closer to the adjustment date to pull the trigger.Option 1 - Full refinance cons-- expensive and high ratesOption 2 - HELOC -- perhaps inexpensive fees and higher floating ratesOption 3 - Do nothing and let the mortgage adjust.House 709 -- First adjustment is only $200/mo more.

A lot of these will really be better characterized as a "Hybrid Fixed to ARM" rather than an ARM - since they will typically have at least the first 5 years of the loan with a fixed initial interest rate and then only float after 5 years for example

I literally got a better floating vinyl for $1.3k less.  

There are some FHA sustainability calculators floating around out there too.