I agree.. just look at any large mid west or rust belt metro.. there is a ton of houses avaliable the question though will folks buy in certain neighborhoods where inventory is readily avaliable you can buy existing in many of these markets for far less than new builds.. so to me its really a neighborhood issue  a school issue a crime issue etc etc..

I bought a home from a PM company in Baltimore, MD.

Ravenswood is a great neighborhood.

There is ALWAYS a demand for ocean-side properties in FL, and these are not only retirees.

Using a heloc as 1st mortgage really only has a major benefit if you have idol cash sitting around from your paychecks. 

FHA has a self-sufficiency rule that makes it difficult unless you put A TON OF MONEY down.

Unless you're locking up 10 acres in a large metro where a DR Horton or KB homes might come in, thats a little less localized.

Partnership seems like a good idea.

Besides, it's always a good idea to build a good relationship with the Planning and Building departments. 

But I am a weirdo, don't listen to me!