@Tim Chase I purchase a lot of condo's and Townhome's, I will usually see this in the smaller projects as they are trying to protect the Owner Occupied versus Investor ratio so future buyers have an easier time using all available types of financing to buy from the current sellers, basically the HOA protecting the exit strategies for the sellers.

I have a really good attorney who I use in PDX that wont charge you an arm and a legg and scare you into all sorts of unnecessary and complicated asset protection schemes.. basically you can vest in LLC  have an operating agreement ( that's your JV agreement) and a clear cut buy sell agreement .. pretty simple and standard stuff.. feel free to ping me off line..

NOT MUCH.. but it does keep from having call backs and if there is a water landing they know they have insurance.. at the end of 10 years our builder warranty is up.. and then on top of that I Pay 30k up front for a project policy that covers all the houses in that particular community for 10 years as well.. this is for 1 mil and basically its used to hire attorneys if we get sued for builder defect.so in essence on a new build we are paying on the 25 house communities we built the last two years total of 50 homes.. about 110k in insurance to cover us for 10 years.. the issue is the subs get sued first then the GC then me the developer  but subs being subs 6 years from now they are out of business or moved on so then its the GC's insurance then us.. 

Basically you have an LLC, your LLC lends you the funds for purchase (acts as bank, note/lien whole 9 yards), then you refinance whenever after rehab or day 1 if you wanted.

It also kind of depends where in Stilwell it is, like if it's not actually in Stilwell and is basically part of the urban area it would be worth more than if it was in Stilwell or south.Rural 1 bedroom units outside the KC area don't rent for much (nobody has any money). 

Basically the house was built as part of a "tract", which consists of many lots.

My basic strategy is to start with one SFH and purchase more as I accumulate cash and experience.

Expect for there to be a lot of additional work involved in it - you basically have to block the top and bottom of every stud bay.

Recheck the basic math.

You basically just asked someone to write a book for you.