Or what about a note in active BK with payments being made?

I bet you have good pies up there.

Your best bet is to be honest and explain the circumstances.Perhaps you could talk to them in advance before you spend the money and time for the classes.

In order to contact someone by PM, they must be an active member (someone who has at least been to BP since January to upgrade).Does that clarify things?

If the numbers work and the market sets the price then a 500k investment for a 2 br/1 then so be it.I agree that location, weather, land availability, and jobs(salaries) all play a roll in the cost of a house.Do I think its crazy to pay that much....you bet.

This is my first melt down in the real estate that I'm actively understanding and am apart of.

Look forward to having you as an active participant here on Bigger Pockets!

Pretty sure both those first choices are loan fraud, unless everything is disclosed to the lender and the lender agrees.A rehab loan or hard money loan with a rate-and-term refi is your best bet, IMHO.

However, my bet is that ten to fifteen years from now these may very well turn into high-density section-8 tenements.

I'm guessing this leasing tact is the developer activity you mention.Sorry, I'm not familiar with condo. prices in the area, but it should go without saying that the housing market here is as bad as elsewhere -- and layoffs at the major employers (Micron and HP) are bringing more homes to the market.I realize my interest in this is entirely different from those of you that have invested in this project, and might loose large sums of money -- I'm deeply sympathetic.