Consult with a local mortgage banker for underwriting guidelines for your situation ( ie, landlord experience, reserves, debt to income).Start to develop relationships with local bankers as well, who may be more flexible.

There is still a ton of land to develop on around that area whereas if you come down to Bethesda, Kensington, Chevy chase, closer to DC you will see this is much different.  

The more stuff I read on here the more intelligent questions I'll develop!

I discussed my situation with two smaller banks, and the smallest bank was able to put an give me a proposal for a 5 year ARM at 4.70%.I have also developed a proposal and brought the deal to people I know had cash they were looking to invest.

What has worked for me is to develop a sales pitch.

I really don't think she meant the condo development Will, I'm thinking it's a small single unit, so 20K in costs is probably not an issue.

In some neighborhoods rentals are frowned upon, for many of the same reasons many condo developments require owner occupancy.

I would only exercise the option if local development continues and I can flip the property for a nice profit.

I am new to the forum and RE development in general, and have a question on recreation facilities within a subdivision.

RE investment is more realistic to most people.I'd say Trump made most his money from investment (including development).