Reason: fannie mae charges much more points for 5/1 non-owner so the rate difference doesn't remain the same.IS that right?

Opportunity cost of tying up your $ 

On well and septic ( but here we actually had a possibility to tie onto city sewer making it much more desirable potentially).  

For example i don't know if i should use "an option to purchase real estate" or "purchase agreement," contract to tie the property up?

No problem... your on the right track and you grasp the concept fine.You may find buyers that pay for the construction out of pocket and if you do then you have hit a gold mine of a deal... you remain the owner of the property and someone else pays to build a home on it... but that likely won't happen.Your lawyer now that your armed with a few basic questions will I am sure help you through  it. 

Also, offsetting creditor claims, grumpy attorneys, disputes among heirs and outright fraudulent claimants caused me to re-think the whole business model.A Better way to chill a sale is to tie up all the equity, not just a piece.

Have you considered renting your current unit out and purchasing a duplex/triplex and living in one of the units, while renting out the remaining ones as many of the members on BP have suggested?

I love your idea of going multifamily this was my plan as we'll because of the extra cashflows it allows but I would say for an investment property go with FHA loan because the rates are so low and do a 30 yr or 40 yr if you can because you want to stay as liquid as possibile and not tie all of your cash up into one property so if another investment comes along you have capital to do it .

HI,I have a credit score of about 510 and am currently trying to work on my credit report and wanted to know if you have a down payment will credit score still remain a big factor.Pat

Now when i check it seems a lot less certain. now it says things like "estimated value" "est remaining balance" "est equity" ect ect ect.