prices are high, interest rates are high, there is tremendous demand for inventory, and - one thing that doesn't get mentioned enough - a record number of properties are debt free. 

Am I overbudgeting in the expense areas I mention above?

The other areas you mentioned are too high for this particular need

Brian also mentioned, him and Ron were renovating houses on a large scale and had been building a foundation for massive traction in the workforce and affordable housing market in the Mid Atlantic (my friend Brian is an active real estate investor and GSP’s lead project/property manager).

I will continue looking into the areas you mentioned and appreciate your insights.

I don't want to get into specifics but we passed on the property for a couple of reasons you mentioned.

I would just start out by meeting with bankers, telling them your goals and mentioning some of the ideas you had(FHA vs conventional) and ask for their advice.

So, you say will I want to take some cash out using the 200k value but most programs will require you to wait some period of time from 3 months up to 12 months for conventional before you can use that 200k value to pull cash out.This seasoning does NOT apply to delayed financing as I mentioned in my post above.  

The location all in,cost him X; he got an appraisal for the bank from CBRE national firmof XX and now the firm who called him mentioned paying XXX.

Another poster mentioned seeking seller finance with 3% interest, if the numbers work, make the offer.