I am looking at different loan options but to break even (not having to put any money of my own in the house after the initial down payment) the current down payment required is that much. 

Based on the numbers seems like it was a straight forward conventional loan...any challenges?

Quote from @Chris Seveney: Over the past quarter, I have seen around $1B in defaulted fix and flip loans - many of these from new lenders since 2020 and more of a "tech platform".As we all know, the intersection of tech and real estate investing has brought incredible innovation, especially in hard money lending.

In many countries foreign investors buying rentals can't get loans or loans at all. 

@James JeffersonHi James,To buy out the property you need to probably apply for a loan through any lender.  

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

I read that one of the requirements for getting your second FHA loan is having a change in family size.

As of this week we have secured the land.

DC has its own set of rules—often requiring a Basic Business License with endorsements for specific trades. 

Is there a pre existing loan with that bank with either of you?