@Sarah Sullivan - We had an investor client purchase a 3 bed 1 bath brick ranch on a crawl space with fairly accessible plumbing fixtures.

One year is a blip for an RE purchase.  

With an FHA loan, you are not going to be bringing hardly any capital to closing (compared to a conventional 4-fam purchase with 25% down).   

If you're looking for somewhere fairly safe and consistent to store cash, land purchases in this area could be a good option.

Is it feasible to obtain a loan or a good old boy agreement where a lender offers 100% financing for both the purchase price and construction costs at hard money rates, secured by a second position on the borrower's other properties?

You could do delayed purchase financing, this would allow you to refi without the seasoning but you would only be able to pull out 80% of what you paid + 80% of your completed rehab.

We did purchase a SFH to live in as we have grown our family so we would no longer be house hacking.

I'm a smaller self-managing investor (just closing on door 17 this week) and have been using Cozy.co ever since I purchased door #1.

Im in the process of purchasing a brick 2 unit from them.

.- Adjusted Purchase Price/ Max Bid: $210,840.80- I start with the 1% rule (thus why I start the analysis by looking at rent) and then adjust the price based on the potential pay-out from a cash-out refi and equity position on the property- more on this in a second. - Potential Investor payout (15%): $242,466 - Rehab total: $76,480.00- I just used $40/ sqft for an estimate.