@Tim Chase I purchase a lot of condo's and Townhome's, I will usually see this in the smaller projects as they are trying to protect the Owner Occupied versus Investor ratio so future buyers have an easier time using all available types of financing to buy from the current sellers, basically the HOA protecting the exit strategies for the sellers.

I have a really good attorney who I use in PDX that wont charge you an arm and a legg and scare you into all sorts of unnecessary and complicated asset protection schemes.. basically you can vest in LLC  have an operating agreement ( that's your JV agreement) and a clear cut buy sell agreement .. pretty simple and standard stuff.. feel free to ping me off line..

This is a business, not a gambling arena.  

Basically you have an LLC, your LLC lends you the funds for purchase (acts as bank, note/lien whole 9 yards), then you refinance whenever after rehab or day 1 if you wanted.

It also kind of depends where in Stilwell it is, like if it's not actually in Stilwell and is basically part of the urban area it would be worth more than if it was in Stilwell or south.Rural 1 bedroom units outside the KC area don't rent for much (nobody has any money). 

Basically the house was built as part of a "tract", which consists of many lots.

My basic strategy is to start with one SFH and purchase more as I accumulate cash and experience.

Expect for there to be a lot of additional work involved in it - you basically have to block the top and bottom of every stud bay.

Recheck the basic math.

You basically just asked someone to write a book for you.