In addition to his law practice he's a seasoned real estate investor.

Saving around 10,000 would take me twos so if I'm able to get by with a lower down payment I will gladly do so..I understand  concerns that the lower the down payment  the bigger your mortgage and that banks offering low money down loans partly caused the recession....

Realistically you could whole sale this deal for $100K to a seasoned investor.

I read an article from GNAIR a month back that inventory is at a 10yr low and prices are up 10% over last year.

And as for the house --it's in Quincy--south of Boston --walking distance to public transportation --right in Quincy Center--there is a major development under way.Current Rents $39.3K a year (probably a bit low still)Taxes/Insurance $11K a yearWater Sewer $1200 a yearI've never had a vacancy in 10+ years but accounting for 5% vacancy this gets to NOI of $25.1K per YearAsking Price:  $630K.  

My specialty is buying distressed property at a low value and then reselling either wholesale or retail.

I suspect a lot of these buyers that intend to fix and flip will lose money on a lot of these homes because their mistakes get amplified by their already low price. 

Some told me that they don't loan in that city and others told me the value was to low.

With all due respect to the development big firms out there, my project is very small and I believe I'd be best served by a small firm or even one-man shop, and frankly a bigger firm will likely not have time for a small deal.I simply need a low-cost conceptual plan that I can use for marketing to builders.

Not really because the price you typically get with a REO is not low enough to wholesale.