This is a great place to learn and to connect with people so take advantage of all the great resources.

Does this approach make sense as a first step for us?

This question came from the Bigger Pockets Facebook Group, and I thought it was a good one.

Quote from @Laura Stayton: It's impossible to answer this question with the information you provided...How so? 

The community is also about 30 minutes from Disney attractions.You can DM if you need more information or chat about this and adjoining communities in the Kissimmee area, covering several zip codes.

Using the search function gave me this, hope it helps https://www.biggerpockets.com/forums/62/topics/1211224-nyc-c...

Hello Mike, It is nearly impossible to answer this question without taking a deep dive on the numbers of each but often times in expensive markets like Seattle the cost of construction is so high that it doesn't make sense to tear it down unless you can build something way bigger/nicer.

Also, disclaimer, some advisors hate this name (e.g. 

This reduction in access is what the compensation was to be for and tenant complaints will be many and with creative language. 

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?