It sounds like it is possible based on what I have read from this site, but it is a matter of finding the right lender and developing a relationship with them.

Florida clients do not like Transactional relationships either - let me tell you, but it works in certain circumstances:

We appreciate it and put these funds to good use in site development.

Circumstances prevent a move to more attractive areas.

Develop those contacts and you'll do well.

From an investor's standpoint, condos usually come with HOA's (which can kill cash flow and fees can increase dramatically out of the investor's control.)Not to say that there are not any investors who purchase this type of property, but most experienced pros tend to stay away, baring some unusual circumstances, such as a condo conversion opp, or the incredible sellers market from 2002-2006 in CA, Vegas, AZ, FL, etc.

No development or new construction in 09 ...unless it is already funded.

We developed this at our remodeling company over many many years and its how we estimate larger projects.

It's a condo in a large development offered at 29.9k, rents range from $600-750, HOA is $227/mo.

Depending on circumstances and what it is that isn't perfect, I might even let someone live in the property with 6 of the 8 checking out.