Buying or selling a home is a major financial (and emotional) undertaking.

The max purchase amount and max rehab amount will fluctuate respective of each other for each project we undertake.

@John BurkeApparently they tried talking to the zoning dept but it was going to be a longer process than they were willing to undertake.

Trying to transfer reservations is a huge undertaking and rarely works out well.

It is quite an undertaking, processes will be long and unforeseen costs could pop up.

I love the area but as others have mentioned its really hard to get cash flow unless you are putting 25-30% down which is a large undertaking in Boston.

This is because the sale process affords the more natural process of being able to undertake customary diligence with contingencies, obtain financing etc.

It is also worth noting that PHAs undertake Rent Reasonableness studies (link to PDF), which "ensure that rents charged by owners to Housing Choice Voucher (HCV) program participants are reasonable.

Working with a reputable lender and having a solid plan for each project can significantly reduce risks.If you decide to use hard money lending, it’s important to calculate your costs and potential returns carefully and ensure that the projects you undertake align with your financial goals and risk tolerance.

Do you have a personal residence with enough equity to undertake a construction project of this magnitude?