The Programs includes or covers:- Up to $2.5B in second loan purchases- A maximum programs duration of 18 months- A maximum loan amount of $78,277- A minimum seasoning requirement on the first mortgage of 24 months- Only for Primary ResidencesThe effect of a guaranteed government backed second mortgage for homeowners would be significant and likely put eligible second mortgage terms in line with below market FHA and guaranteed first position mortgage rates. 

That property would never cash-flow with today's interest rates.   

No points, not sure if it's worth buying down since rates may fall?

There are conventional loans as well with low down payments and the PMI falls off once you reach 20% equity.In this higher interest rate environment, lower down payments does make it harder to cash flow, so just keep that in mind.

While waterfront properties often command higher prices, higher potential rental income, and higher appreciation rates through time, they also come with significantly higher upfront costs and huge maintenance expenses.

But even those areas still suffer from the crushing property tax rate, and the other issues the city has.

However, the home is in an A-class area that is rapidly growing and could prove profitable once the property could be refinanced at a lower rate.

This house has an FHA loan that I can take over and all in it'll be 2k/month. however, the amount left on loan is 310,000 at a 2.75% rate. so, if I did 590,000-310,000 I would have to come up with 280,000.

Yet, I barely survive thanks only to the pandemic era low interest rates and tax abatement.

In my opinion flipping is rough right now with 7% interest rates.