If the owners accept, it will be challenging to get anything done by these lame property managers.My client recognizes it as a good deal and still wants me to try to get deal under contract.  

@Ruben Sanabria Both Fannie Mae and Freddie Mac (if you recognize those names) do allow 15% down for their loans.  

I have recognized my faults and am now looking to buy houses using financing. 

You're describing two pieces of the 10-15 necessary to build a building, financing and a business plan with proven operators (not chefs). 

I suggest that you analyze 10 more, inclusive of multi-families, and then 10 more... you'll start to recognize patterns and the work will pay off!

Be ready to pounce, with CASH handy (or in this case, a credit line avail) and know your market well so you will recognize a bargain when you see it, FAST.

Now he was merely working his proven plan."

I can't wait to virtually meet many of you (I recognize many names as I was a passive reader for some time!)

Now CA handled that in most jurisdictions if the lot was created prior to about 1929 its not longer recognized as a legal lot of record for building purposes. .. though the  land Geek guys still buy and sell them as they can be sold just never built on ..  

It has proven to be a headache here and there with some added expenses.