I don't know what's going to happen and I am keeping an eye on the changing market conditions because like everyone I am expecting a correction. 

@Frank Wong is correct. 

Previous transfer of the property has the grantor and grantee backwards, and we cant locate the previous owner to have them sign a corrected deed.  

I think you are correct—time to find a new agent.Tim, I’ve had this triplex since 1983—never a claim on anything.

@Josue VargasYour understanding is correct: when you take money from your 401k before normal retirement age - you would have to pay taxes and penalties on the amount withdrawn, in most cases this is not a wise financial move.Alternatively you can move these funds into Self-Directed IRA, without any tax implications.

If your ARV is correct, you want to get this place for ~$80k to make it a true BRRRR.

Yes realized it bit later, posted it in correct forum

For that area, the maximum FHA loan amount appears to be $1.4MM, but please correct me if I am wrong.Aside from the 3.5% down, I have also read there will be 1.5% PPI and closing fees, so should expect to spend 6%, but can refinance the PPI after a year or two. 

I have come across a few properties where the numbers do make sense, its all about meeting the correct RE agents and telling them upfront what your criteria for a property is.

Unless you have a lot in reserves, development may not be the correct path.