Your best bet is to be honest and explain the circumstances.Perhaps you could talk to them in advance before you spend the money and time for the classes.

My family has been in construction for over 35 years.

If the numbers work and the market sets the price then a 500k investment for a 2 br/1 then so be it.I agree that location, weather, land availability, and jobs(salaries) all play a roll in the cost of a house.Do I think its crazy to pay that much....you bet.

Pretty sure both those first choices are loan fraud, unless everything is disclosed to the lender and the lender agrees.A rehab loan or hard money loan with a rate-and-term refi is your best bet, IMHO.

However, my bet is that ten to fifteen years from now these may very well turn into high-density section-8 tenements.

I was told that they fired the construction manager and Kevin has taken over and things are now happening.

I'll bet all five of these houses are sucking several hundred apiece out of your pocket.

Jeff88, while that is a good call, it is important to understand that many people see Real Estate as a much higher risk investment and simply don't have the knowledge or the cash flow to feel comfortable with it.Some of these business models are in realy excellent for cash flow while also allowing people the time to then get into real estate.In any event, I would suggest that people don't have to 'choose' between such a business model and property investing - I've chosen to do both, as well as running my construction business.So while the point you make is valid, the broader concept is that we use our cashflow (whereever it comes from) to invest in property, to build our long term wealth.

Is this new construction?

There are some alternatives such as solar power, but if you go that route you probably will still want to have a generator as a back up, and the cost for solar panels can also add up quickly.Another cost to think about is that of construction.