I am also priced out of the NY/NJ market and I am interested in Cleveland OH due to more affordability. 

She had to foreclose on it because she couldn't afford to pay the liens.If you are really interested, go to some auctions to watch what others do, ask questions, and learn.

After  3.5 years we have permits for a 17 unit redevelopment project.We had hopes that we would break ground within a year of buying the property....that fell by the wayside for 2 reasons:1) we had worked with the city to increase density through an affordable housing scheme that did not go as planned.

This affords us excellent cash flow and lower maintenance on a 3-5 year commercial lease.

Consequently many inexperienced investors make investment decisions based on where they can afford to buy, not necessarily where a good investment thesis may exist. 

They also tend to stick with locals to create more affordable housing by locals for locals.

Im pretty torn up about this.I cant afford the loss buy it seems inevitable, and the SEC is a joke.

“No, I’ll release the money on draws, that won’t happen…” Ok, so you need margin for when it’s 50% done and they say they can’t afford to get to the next draw point.

If I can afford the financial loss of it not being rented those months (2K mortgage) then maybe it's at least worth trying?

My wife and I would remain renting in our current apartment and we could easily afford to cover the mortgage indefinitely if/when it would be vacant.