There is one already rocking and rolling!

Tomer,  Will you be around the Red in July?  

Should this be a red flag to hold off?.

This is, however, just based on my quick calculation of costs that I did maybe 12 months ago when I had a similar thought to yours (just not in Little Rock).  

You can get a 30 year am with a national lender, but more red tape in the lending process.

And I've done so.However, in retrospect, I got small red flags with this real estate agent all along the process.

With a 203k loan there will be delays and red tape.

You can't purchase an owners title insurance policy after taking possession -- unless a full title search is undertaken -- and at that point when an owner requests this the red flags are already flying high.

I mean pull up floors, remove sheet rock to fix mold and whatever else needs to be fixed.

Sometimes it can be a red flag so make sure to screen the landlord questions carefully.