So they would want the plans approved, and budgets complete with GC contracts before approving the financing, then once approved they will want site work and some foundation work funded by the sponsor before their money kicks in.

I completely get why condo associations need to levy special assessments and increase monthly fees, and specifically in this case to comply with the recently passed laws in Florida.My objection is to buying these FL condos as possible rental properties.Buying condos for investment is already a risky proposition.

We were specifically looking at the Adult Foster Homes and possibly a DD home.

House hacking is absolutely the best strategy to save expenses on your budget.

There are certainly neighborhoods in Philadelphia where you can complete the BRRRR with your budget, but you are ignoring the fundamentals that make real estate a lucrative investment.

You can also reach out to people coming to the area on FF and see when they want to come to the area and their budget. 

To be more specific; long hold multi-family rental properties (duplex, triplex or fourplex). 

But at the minimum, to get the site ready to build on an even flat land, it's good to budget $10k for total sitework. 5.)

I know there are specific instances where some leeway is ok, but in hindsight this was not one of them.2.)

Investing in real estate in Cleveland, particularly with a budget of $40,000, is an option worth exploring.