@John Warren I don't think i have ever witnessed balanced conditions either, maybe just cyclical nature of r.e. or something else, but the trend line for appreciation just keeps up with inflation outside of the big, multi year market swings

I expect to overpay given they are Turnkey, yet it is difficult to analyze the quality of a neighborhood from looking at Google Maps street view. 

@Andy OdanoFinding GC's is difficult but can be controlled by only releasing funds based on completion of the work.

So, you need to be paying extra on your two loans so the outstanding balance on your loans is always below the outstanding balance on the buyer's loan. 

If they are the previous owners, it can be a little more difficult. 

Many NYC condo's will not allow subletting so lease options can be difficult and again those price points are WAY above $400K!!

Partner with someone that has the financing or balance sheet behind them to take it down.

Is this difficult?

Lower income can't afford to move often nor can they move if they have an outstanding balance with a utility company or the landlord.

I would talk with commercial lenders first, but it will be difficult without a track record