Sorry for the late reply; I'm not on BP too often. 

In the long run, is that the type of company you want to be at?

As a custom builder for decades, I dealt with this way more than once, especially with new subs that had not worked for me before.Back in the old days we used to just go with a verbal ok, but in the last 20 years or so, it is imperative to have a written CO (even an email sent from the jobsite) from the Sub and then I would add 20-25% and submit a CO of my own to the customer.

Utilizing the years of experience from the people on the forums will allow me to talk intelligently with a realtor, the property manager, the seller, and so forth.  

The Earnest Money Deposit (EMD) is refundable during the Due Diligence (inspection) period, and goes hard at the expiration of the DD period.

You came to the right place, Brad! 

You are already in the right place in the BP forums, but try to consume as much podcast and reading material as you can.

I already owned a home not on the water.

If you are doing the work and labor it reduces some of the risk but to me we won’t let at that high a ltv

It means they can help you accelerate the depreciation on the property, which will help you lower your taxable income