In the appraisal report I noticed that the appraiser does adjustment in the comparable price depending on the sale date.

@Mendy Melamed depends on property Class you target and if you're paying cash or financing.Our Metro Detroit market offers many Class B and C opportunities that will positively cashflow, even if you buy putting 20% down and finance the rest.Please PM us for more details!

It would be more expensive rate wise not closing wise to get a higher interest loan for the 12-18 months while waiting for the permits, also depending on the term of the loan.

However that does depend on the CLTV.

It depends what you are trying to achieve right?

@Tim GeorgeIt's all going to depend on what you plan on building.

@Taha Tekreetiif it "could work" I think depends on your financial situation and your goals. 

Depending on who you sign with, some have programs that will help you with this.

Some states have redemption periods after the sale (I don't know if Florida does) If the owner files for bankruptcy even 1 minute before the sale, that stops the sale or reverts the sale, depending on timing.

@Kareena SharmaThis is more of a personal choice that depends on what your personal goals are and how much effort you want to put into the venture.