It's those unknown "pitfalls" that we REALLY need to consider.

It also makes a HUGE assumption that you can access this gained equity through refi at the same rate as when you started the loan (highly unlikely and as I stated, math is math and statistics are statistics so why gamble on an unknown factor!).

-The actual rents are unknown because the property is fully owner occupied and will be delivered vacant at closing.

Somebody wanting to sue for you backing out of a bad deal or accusing you of selling them a property with defects like unknown termite damage).

Too many unknowns to properly guide you but sounds like you may need to get someone more experienced in these matters involved.

The scariest part and biggest unknown is that I cannot see the property beforehand and because of this, I am factoring in all possible costs for the rehab.

So, I will inherit them.Does anyone have investing experience in a property where lead status is unknown?

I understand the huge unknown but there maybe few and unique builders out there that are putting these things in the ground. 

@Jaron Walling the appraisal is always the most unknown.

Somebody wanting to sue for you backing out of a bad deal or accusing you of selling them a property with defects like unknown termite damage).