Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Been living in my first condo for 1.5 years now and it took them 5 months to repair a garage that had an Oak tree completey fall through it, 1 year+ to cut down 2 small dead trees (after they approved the work, months later they said it wasn't approved...then surprise, they ended up doing it after the Oak tree fell down lol), received a 3 year special assessment to replace roof and siding (why wasn't that previously budgeted for?)

Due to zoning it can not be a Muli-unit due to the extra taxes, so will build SFM and later upgrade it to Multi-unit What made you interested in investing in this type of deal?

A week later they accepted with no discussion.Great house turned it over and rented with a weeks work.

The reason is if you buy a house first as an FHA buyer but 1 year later decide to move into a multi-unit property to house hack you might have problems in underwriting since they will question why one would want to move from a SFH to a multi which they consider a step down in quality of living.

We have the option of paying the full cost of replacing the lateral line from the new water main to our house for $1700 while the city is undertaking the main replacement      The water lines in our city have an exterior coating of lead.

That would make it an eligible 1031 replacement.The issue that @Tyler Warne is asking is can he purchase the land and then later sell to the developer? 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

I know a lot of people would look at this as a little odd, however, I am looking to get my feet wet and figured if I find a good deal, finance it with hard money, take a loss for a hand full of years (due to typical high interest rates with hard money) and then get a traditional loan later, would you do it? 

That is why I am wanting to raise the rent to the market value of $875 sooner than later or I will not be cash flowing at all.