If your cash flow is break even and you don't expect a groundswell of appreciation, why hold it? 

You already seemed to conclude you are forcing this deal, I would agree unless there's a reason why this property will appreciate significantly in the near future and the 40 year amortization schedule allows you to hold on for that to occur. 

As for holding a home and building another one - be sure to include carrying costs of the first home while building the second.  

We also have a different ESCROW account that holds the deposits for buyers purchasing our listed properties. 

If you can find a fixer at a good price, with room for an ADU, and the comps are good, then you have a deal.Are you planning on flipping or long-term holds?

This is our messages to Appfolio for the last two months, they are awful and holding our fund not to disburse, please see below - We have been trying to reach your company by chat, phone number and no luck.

The appraisal was the longest hold up but the junior loan officer we were assigned seems to have zero idea what he is doing and zero sense of urgency...

The bank will put a hold on them, so you can't just draw them out, so don't plan to need them for a while.This will cost you an appraisal on both properties to be performed by that lender. 

I plan to apply for an FHA loan for my first investment if I were to find a deal, but if I can't something that works for buy and hold.

Using LVP was a smart choice—it holds up well when wet and is cost-effective to replace.