It's hard enough to find a home you like let alone one with a perfect foundation.

but since he's never done it that way, he doesn't want to change.When I moved to Texas in the early 80's it was perfectly legal to grab a cold one and drink it on the drive home.  

I just looked up the FHA 221(d)(4) program and it seems perfect for this project. 90% LTV, 40yr term, assumable, non-recourse, and the project is likely to meet all of the eligibility critera.This makes me even more suspicious as to why a more experienced investor hasn't picked up the building yet!

BUT also don't try to be perfect. 

Perfect combination.

Its what I call the perfect storm with some extra fuel which is Covid-19.

The perfect target is someone willing to or is renting a 2 bedroom for your asking price of $2250.    

A perfect example of how fraudulent and broken our government is.

This winter we have had the minisplits running and never turned on the backup electric baseboard or gas fireplace (isn't hooked up yet),   It was perfectly comfortable. 

The upside of that short amortization and low interest is that you are probably knocking down the principal pretty quick.In theory your plan is perfectly viable as long as you don’t over leverage yourself.