Hey BiggerPocket, it's a silly situation, it's my fault, I hope you don't laugh at me too much LOLI made an offer on a house, they accepted it almost instantly, I realize the purchase price is too high, what should I do?

Seller took cash instantly. 

Yes, you want to build in some instant equity when you purchase below market and rehab, but the cashflow has to make sense as well if you are going to hold it.  

Those are ideal and instant money makers.

The property comes with instant equity when comparing to sold/active comps within past year. 

One can find 100 year old homes in Seattle that can be rehabbed and there is a possibility to have instant equity if one plans to live there or rehabbed enough to create positive rental cash flow ( though still not meet the 1% rule) or fix and flip. 

I recently listed a flip/pop top we did in Denver, it sold for a seven figure number instantly.  

Building with a small, local builder at around $115/sq foot (mid to high end) and using auctions for many of the materials enable me to have instant equity for this opportunity.  

I make note to let lenders know that Its a part of my strategy and not necessarily a 100% leverage type of transaction since this is what they think of when they hear about this( on commercial/portfolio loans).How I see it is I can either forego my interest savings on my cash savings or I can pay down my lines which is like pesudo savings since I can redeploy these funds again instantly.

Once the income caps expire - the value of the units in the bldg will double instantly.