When the house appreciates again, you can refinance and pull out more equity to invest.  

Keep moving forward but don't pull the trigger before you are ready.

You can even refinance after a couple of years and pull out your down payment to then have no money in the deal, and cash for the next purchase.One requirement is that you do have to live in the property for at least one year to be considered an owner occupant in order to receive the FHA or 203K.The 203k loan is ultimately a FHA loan, but you are able to include rehab costs into your borrowed money.  

The numbers in Overbrook Park seem to look good for an investor, and finally after all of the research, and lining up financing I am ready to pull the trigger. 

Growing up in Balto in the 1960's  both me and my brother had a bedroom in the finished attic , you had to go thru my parents room to get up there . ( and somehow they had 2 more kids) The door was narrow , beds had to be pulled up and thru a window .

I was thinking of putting it under contract with an assignable clause, (where I can also pull out for any reason if need be), I don't know anyone in Maryland, but would really like to deal.

You get contingencies in your offer to pull out if you don't like the status of the association.

Add in rent increases and likely appreciation and there's plenty of upside.But, the chances of pulling this off - ESPECIALLY for someone with little cash - is less than unlikely.

If you have forced enough appreciation, you may even be able to pull out some of the equity you have created.2)  You are not actually borrowing, you're taking on a partner in the holding of the house for cash flow.  

I've yet to pull the trigger on a Maui deal but I'd always be game if the numbers made sense.