I have enough savings for down payment 20% but I also hear that you have one chance of using FHA loan.

At best I’ll be able to find solid properties that will be self sustainable and cash flow in the positive side of things.

Did you face any challenges with the contractor payment structure, or was it smooth sailing?

Therefore, I am interested in buying him out, but before I do I want to understand if it helps me or hurts me in my investment journey.I would be buying 60 acres for $260,000 and it would cost me $60,000 for the down payment and closing costs. 

You should have at least 20% for the down payment and 6 months of reserves. 

Do you have props, cash crews? 

This as well - what do you mean on "obviously can't DSCR it" - to the contrary, DSCR Loans have become the main option for BRRRR Refinances ever since the GSEs upped the seasoning requirements for cash-out refis last April

If you do have the reserves or don't need them, I would look at moving it to a business CD or possibly re-investing into another property if it gives you enough for the next down payment.

The plan is to come in and improve the NOI over the next 12-24 months then implement a strategic cash out refinance and move to long term permanent agency debt.

Left on Loan: $175K (Maturity 2/14/52: 3.55% Interest Rate) with monthly payments $835ARV: $275kList Price: $271KRehab Needed: $15kLet me know if you need any other details.