You aren't going to be able to access funds based off the ARV.

The rates aren't absolutely awful for a niche product like the one you're seeking. 

I'm sure they would appreciate the experience to show some properties, even though you aren't likely to buy anything from them, you could give advice and good word of mouth to him/her.   

Which made me think why aren’t many houses in the US built with cinder blocks? 

@Anthony Dooley I wanted to get into brokering skyscrapers like the Morgan Stanley building in Oxnard, CA I got ahold of the owner but they aren’t interested in selling.

They aren't purposely charging you (the money goes directly to FHA, so it's no gain for them).

In our contract with the home we currently reside there is a clause that states if we aren't able to furnish the house to them we would return their deposit.

I personally don’t recommend it but if you go that route make sure everyone’s responsibilities are clearly defined and you aren’t stepping on each other’s toes.

They just aren’t for me. 

At a 5% downpayment, the monthly total payment is ~5k and perhaps the rents could be increased a bit but even then, they'd only be around 5k total monthly gross rental income..after any expenses and repairs you're in negative territory. i don't really understand who would buy that property..I guess an owner occupant who doesn't mind having a higher personal monthly payment still, or someone just seriously banking on appreciation and willing to incur negatives during the meantime which seems silly..but i agree with the original poster that lots of multis in these areas (wicker/logan proper/humboldt) are priced like this kedzie one and basically aren't a good deal sadly, since they are the nicer properties (location and often turnkey wise). have to go further north/west to get the deals. im hunting for a 2-4 flat myself and wish it could be in prime palmer square location like the kedzie unit linked, but the numbers just dont work