Purchase price: $520,000 Cash invested: $390,000 Full coastal remodel with forced appreciation added with additional bathroom, master suite and a second floor added to home.

A lot of the properties were built pre 1930's and need updates/renovations.

Is it possible to secure a multifamily property using an FHA loan initially, fixing up the other unit(s) and getting them rented out while living in one for a year, and then refinancing out the majority of my money (initial downpayment and rehab costs) out provided the ARV is 25% above my all in cost?

However in most coastal areas (any coast for that matter) the barrier to entry is either closed or also increasing.

I was reading somewhere months ago that it was the only remaining affordable coastal metro in the country.

The lake was built in the late 1960's and they started selling lots in 1970.

Definitely will need a full makeover, but very good bones.The floor is definitely slanted, so I'm going certainly get an expert to look at the foundation granted this house was built in ~ 1920 and from Dan's comments above, likely built on beach sand.

Took existing coastal property with single family home on it.

Agency rates are in the 3's (some lower, but for the most part, they're in the 3's) and the DSCR loans are in the 4's and 5's with 2 or 3 points. 

Maybe a more humanitarian approach is like $900 for the 1/1's and $1100 for the 2/1's.