I wrote an article on here specifically about finding deals in 2020 if you want to check it out.

You should write an article on this

These units were build in 2007, and the pictures of the units look fairly good, but again, until I physically get to inspect it with an inspector and my contractor, this is just an estimate.  

Anthony and Greg gave good info.Freddie Mac or Fannie Mae agency loan options depend on the property's economic vacancy at the time of loan application submission, physical occupancy for last 90 days, submarket, and your net worth and liquidity cash position. 

Whether you want to invest in Phoenix, Scottsdale, Mesa, Gilbert, Tempe, Chandler, Peoria, Goodyear or all the cities in between that make up the Metro area, I thought this excerpt from an article in the Arizona Republic (1/13/20) summed it up well:>>“Metro Phoenix is the Goldilocks of U.S. housing,” (real estate analyst John) Burns said at the Land Advisors Organization’s annual real estate forecast in December.

Here’s a newspaper article about that.https://pilotonline.com/busine...

That said, your first real estate investment could be your primary home (I know this article says "retirement" but really... it can be a plan of attack for any stage of investing). 

Any fellow members know at which stage a foreign buyer must be physically present in the US so as to complete the closing?  

This obviously eliminates the need to be physically in the US and can take a lot of the "busy work" off your plate when looking for a passive investment opportunity.

I shared an article in another ADU thread on cost of new build I've gotten (between $250/sq ft to $400/sq ft). https://infinitesabbatical.com...The combination of low price point at $230/sq ft, potential complication with front yard addition (you may want to ask your contractor further), and this dual-language contract you received tells me that you may want to proceed with caution.