@Tookie Nemchak, unless I'm missing something, even if your Lender did agree to a "cash out" after only 4 months, I'm not convinced you've achieved enough additional equity to qualify to get enough to cover you for your deposit for a property that's costing 70% more than your first one. 

Those placing residential mortgages will have to qualify for financing at the BoC posted rate for a 5-year fixed mortgage, @25yr amortization, regardless of the financing they ultimately plan to take.  

Unfortunately the town is primarily low income and lacking a loT Of nearby services and labor, for example, I’m having trouble finding a nearby demolition company to demolish a small mfh and qualified labor to complete the fix ups.Have you been in this conondrum?

It's a good idea to make sure they qualify in the other areas that need checking.

We have our umbrella policy and some of our properties with Farmers.Farmers costs us more than USAA but as indicated USAA would not provide us an umbrella policy.If you qualify for USAA umbrella policy I suspect it would be the cheapest.  

They will auction it off but you must qualify with them to bid in any of their auctions. 

Let them pre-approve you (not pre-qualify; it's way different)Find a multi family property and live in one while the other units pays for the property or close to it.Consider a 203K that will let you renovate the property with the lenders money.Live in it for a year.You might be able to do it again in another area (at least 50 miles from the first property) next year if you have a job changeKeep saving moneyBest of luckStephanie

Regardless of whether it qualifies, they are likely in violation, depending on your lease language.  

Bottom line is not all that glamorous but pays the bills.I think your idea is great, it requires skill to put together a spec build, design, and sell, not to mention finding the right deal will also be a challenge, the good thing about it is there is less risk of the unforeseen factor aka surprise expense.

When I was going through school in my early years, I found that the best skill to learn was how to learn itself.If you can do that correctly, combine it with books and the internet, you can wind up making the world your mentor.BUT, I can see there are certain concepts that might be counter-intuitive to my personal opinion.For instance, I keep hearing that the best way to learn is from making your own Mistakes.I try to see the other side and I do know that when you make a mistake, it's most likely you won't repeat it... but why must you make the mistake when you can learn from someone else's mistakes?