We each have a strong work ethic, and we are well positioned to push each other to achieve our potential.I come to this community seeking advice, guidance and vicarious experience.

So, I am based out of Northern Virginia and property around here is expensive and positive cash flow is definitely a challenge, unless it's done right.Looked at this article, very very helpful: https://www.biggerpockets.com/blogs/10145/68178-to...But have several questions 1- For local investment, since VA is big, can other parts of VA a good option for a rental, especially ones which have a college/university?

For example, the asset may not be in a position for permanent financing due to low occupancy, lack of seasoned rents, or perhaps the renovation and lease-up have not been completed. 

The principal for the property currently sits at about $86,820, with an Escrow balance of about $850.This is obviously a very bad deal as it is; my question is what would be the best option to drop the mortgage every month in order to get a positive cash flow, either by refinancing the mortgage, or getting some other loan at a much lower monthly cost?

We ultimately plan to rent out both the primary residence and the back unit and I believe we can get at least $1000/moth positive cash flow, maybe more. 

Here's a few blogs to review that might help you as you enter the syndication game and position yourself favorably w/investors.https://www.biggerpockets.com/blogs/9145/65780-syn...https://www.biggerpockets.com/blogs/9145/53959-vet...

I think you'll get a positive response and the agent will 'sell' your offer to the seller. 

At the very least, you should get your earnest money back and be put in as good a position as you were in before the deal started. 

BUT, the positive would be:+ Catagory A neighborhood with stable renters+ Betting on property value will increase over 10+ yr given the neighborhood+ Turnkey rental, leases in place till 2018Would these positives balance out the lower CAP rate?

If I were representing you, I'd strongly advise you against it.At this point, read over the contract closely and see if there is a way out.Failing that, talk with the builder and see if you can work something out.If that doesn't work, try talking with an attorney to see what can be done.If there's no positive result there either, you may be stuck with it for the remainder of the first year.