They have been building massive apartment complexes everywhere.

You need an attorney with development and retail experience helping you with this.Typical is an LOI is submitted.

Most of the people that we talk to are looking to sell for retail price.Based on what I'm hearing about direct mail, I'd like to take a step into that area of marketing.

Rent them out in the meantime and cash out refi or sell retail when the time comes.

@Andrew CordleOne huge issue for me is the home is a split level with the lower level under ground, this makes me nervous as for potential future leak issues.Obviously the home looks great but for a rental home it seems over renovated meaning with the granite and custom tile in the showers, seems more like retail quality but hey, for an end investor if that's what they are providing then better for end investor.

The investment has to be an investment and stand on it's own.My clients typical commercial deal for retail is 25% down and cash on cash from 15 to 20% pre-tax annually.

The place in itself is in need of massive rehabbing and there are more than enough deals to go around, but this a lot more than simple real restate investing for me.

You mentioned that you were denied because of your wife's work history, which implies you needed her income to qualify for the loan.Because she has not worked full time for the two years required to use her income to lower your dti's, you were denied, not because of discrimination.Your 100k income and 760 fico scores sound impressive, but don't matter if your dti's are too high.Try contacting a mortgage broker in your area that can get you wholesale rates vs the retail rates BAC would charge and this may be enough to lower your dti's, otherwise the mortgage broker may be able to offer you a different loan program that would help you qualify.Good luck and keep us posted.

Is the $170k the current 'as is' value, the after repair value (ARV), or some other value (quick sale, likely retail value, etc.)?  

What's the rental market, any fix and flipper buying at 75K, or, go retail with a buyer on a sub-to. :)