And you would only need 3.5% - 5% down if you wanted to house hack.

Fellow Miami resident here, I would house hack in the area you want to be in.

We are in the Seattle market, so reality is that demand so significantly outweighs supply that on new construction you aren't really at risk of not selling, its more for at what price per sq ft it will end up selling for.But one mechanism build in is that there is a $100k buffer where he will hold at least $50k of his build fee until after house is sold.

AKA it is a way to access some of the money you've put into your home while also making sure you can still afford your mortgage payments and other debts.You will need a renter in place as rental income is apart of the calculations when underwriting these loans in addition to the other factors you mentioned like monthly housing expenses (PITIA: principle, interest, taxes, insurance, assocaited fees ARV, debt outstanding.

I am charging a slight premium over the list price of the house to lock in the price 2 years in the future and giving him 3 options to pay the fee for the option to buy.Option 1: 3.5% Payment for the option to purchase the property within the next 2 years.

Asking 115k, it is a small house zoned as a 1-bed but looks like they’ve added at least 1 bedroom.

Absolutely get your boots in the house....

We are no longer occupying our house starting June 1.

@David Tiefenthalerthe only low risk, low-money down strategy for a beginner is house hacking.i've done a few seller finance deals with low down payments, but that was after i was well capitalized and already owned several rentals. 

The lender will need to send an appraisal out to see what the estimated ARV (after repair value), in order to make sure that the ARV is above the cost acquired for that house + land.