From what I understand HOA/POA dues don't get wiped out with foreclose sale in FL, so if you see a $150,000 condo get sold for $50,000, could you still owe $100,000 in back HOA dues and special assessments?   

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

It is a HUGE bummer as an agent to write up an offer to go to a junk property (happened to me last week) to end up pulling out.

Once everyone understand the mechanics, and the results for all: they'll keep coming back to the table!

The next day we fired our PM and haven't looked back since.

If your bottom line numbers on tax returns and W2 income are not strong however, this will be an abrupt dead end.

Please update us with what rates you end up getting quoted.

Purchased a property that needed some work and on the lower end of the market so homes were sitting.

Step back, take in the situation around you, what peg's do you have, what hole sis there, what is there that CAN be connected. 

You either end up doing it all yourself or need someone on your team that can do it.