I am going to try to relate a number of things that I think you need to consider regarding Development Cost as well as a number of associated issues.

Beyond networking in your local market (REI clubs/associations) this is a great place to learn.

Discuss this plan with your mortgage broker/lender to obtain their evaluation on the associated risk.

I don't think the issue is with it being historic directly, it probably is more to do with conditions associated with the age.

My neighbor is $5,500 in back taxes on her CondoShe is $40,000 behind on condo fees.She paid 200k for it in 2008, and now they are selling for 182kThe Association has filed a lien on the property  What is the best and creative way to obtain the property? 

Should I go for certain degree?

Thanks @Curt Davis I do not have a commercial realtor however I do have an associate who is heavily involved in real estate investing there who has been sending me properties.

He's the owner of David Pomerantz & Associates (took it over for his father).

And, depending on the effective tax rate of the investor, the after-tax return on cash flow is almost always to some degree even lower.The simple fact is that larger multi-family properties (apartment buildings), mixed-use properties and retail buildings sell/trade at capitalization rates that offer investors’ greater yield assuming sufficient capital is available for investment.

As of right now, their logic about upfront cost and PMI insurance associated with an FHA makes sense.