For almost $100k a lot you want a pretty high NOI to make sense of it, like over $300k IMO I agree.

Applying that to RE investing, most would agree your first FHA loan should be a multi-unit house hack.

Agree

The PM reported the update to me Friday night around 9PM, and we agreed the guests could not stay at the house and the property management company had another property to which they could relocate the guests for their weekend stay.

And the exit strategy with RE is much more difficult if you buy a property doesn't align with your goals.I completely agree with getting reps in real life, walking properties, talking to contractors and investors.

Their cost basis is about $33k, the agreed upon purchase price is $250K and the expected appraisal might be around $350k-$400k. 

Agreed. 

As far as its value, I'd agree with @Ian McDonald that it is something you could build yourself with the right amount of excel expertise and plenty of time.

I agree with @John UnderwoodI remember you posted about arbitrage last week. 

I am seeking a partner with significant financial resources to help bring my vision to life.I am open to any advice or ideas you might have.Thank you, I agree with Jay, you will not find a lender to lend on this type of project but you are going to need to bring in an equity partner.