You can also do this on a refinance.Else, you can find private money, take out a HELOC if you have a lot of equity, go hard money and then refinance after, or see if your preferred builder offers financing.

If this is consistent and/or the first couple months with them, highly recommend switching PMs.

We focused on where we went wrong with the first couple of homes we purchased.

@Mary Peale - Hi Mary, I have a couple ideas that come to mind.

Thanks Dennis, I think you're right that planning for a more conservative return would be a good idea.I re-ran my numbers at an even more conservative level:Lower ARV: $800,000Lower income levels (I'm assuming it will take a couple years to get up to full potential income, but giving myself 3 years was a conservative estimate):Year 1: 50k (NOI $1,000)Year 2: 80k (NOI $31,000)Year 3: 100k (NOI $51,000)My ROI numbers come out to:1% (year 1) 46% (year 2) 76% (year 3)This scenario seems like an acceptable risk to me, when the upside seems far more profitable.

As someone who’s spent a couple of decades in real estate investing, here are a few things I’d keep in mind:HOA Restrictions: You’re absolutely right to check the HOA documents.

Couple of questions.Are you from KC or just interested in investing there? 

I'm finding that this strategy is helping people, building repour with people, and continuing to keep business moving forward while some say it's hard and sit on the sideline to wait until there is mass movement.Appreciate your time and reply and good to hear that you're experiencing some similar action a couple hours' drive away. 

I prefer to not hire an attorney unless I must because I am afraid it will cost a lot of money.

Adding a couple of clean outs on new pipe should be no big deal.