We're currently renting in Brewerytown Square, the ~6 year old development where the units went up for sale in '06, before the crash.

Message to me: Find developed lots at wholesale.

I am looking at buying a condo in a development that was foreclosed on and is being rezoned for single family homes.

If it leaks again and develop mold, you could be in for a lot more money.

Since inception Colony has invested $48 billion in over 19,000 assets/loans and has ~$25 billion of assets under management (gross) on behalf of over 250 institutional investors.Through the identification of supply-demand source imbalances in capital, product types and information availability, Colony achieves attractive risk-adjusted returns by investing in real estate and real estate-related debt investments, non-performing loans, distressed assets, real estate-dependent operating companies, and select commercial and residential development opportunities throughout the world.

I would vet some banks to see if it is really as hard as your relative says before you just develop an entirely different strategy.

My ultimate goal is to develop a large monthly cash flow through multifamily apartment buildings.

In my opinion, your best bet is to develop a relationship with a seasoned mortgage banker who can accomodate your needs.

2) Learn as much as you can about different forms of real estate investing3) consider your resources; time, money, knowledge, etc.4) Develop a planIf we now 1 & 3 we can help yo with 4If you know 2 you will understand our advice for 4Good Luck - Ned

They have reclaimed land off the coast (not very deep) and have developed what looks like a palm tree that can be seen from Space.