A suit for specific performance is the only avenue, but that is both costly and a long road to go down.

That way you can get the multifamily with 3% or 3.5% down which will allow the money you have to go much farther.  

We do not want to physically collect rent, especially cash which we would not desire the tenant to send through the mail. 

Hi James,If you decide not to go the new construction route then the deal becomes a lot more complicated then just signing people in at the builder's sales office.  

No doubt, this property will generate great return. 18%ROI - We bought it for 32k+17k Reno; all in for $49k... in a very desirable neighborhood.

It may prove difficult to find such a large house under 250k, may have to go a bit farther than 30 minutes.

@Steve Balinski If you will be living in the house, a roommate lease is the way to go.

I have 3 under contract right now, and two of them are wrapping up the closing process towards the end of next week it looks like.One of the properties is good to go, financing is all locked down, appraisal/inspection is done, etc.But...

I have investors who don't have cash and had to go with MLS properties and lost few in the last month itself to the owners occupiers.3.

This leaves me to think that i'll need to go the traditional 20% loan route, which is almost double the down payment that I currently have.  20% on the average multi around here is approx. 100k.