I know that's not bad considering investment. 

Hi everyone!  Looking to hear about some of your own experiences using a FHA 203K loan to finance a property.  I think I have a great opportunity, but I was hoping to hear some of your own experiences!  Thanks!

Between moving, rehabbing, and getting married.. it's been a fun ride.What brings me back to the site is that i'm moving on to another phase of my investing career and looking for thoughts and/or wisdom.I'll layout all the info and give you the play by play.Currently I own 2 properties out right.

That being said, for NYC that's not too bad and if you really can get a place that generates $3800/rent for $400K, that's a great deal.

I already travel back and forth there at least once a month so it seems like a good jumping off point for my RE career.

Your tactic is BAD either way and could get you sued especially if the seller can prove you had no intention of closing as the buyer and you try to back out. 

I have a solid W2 career going and enjoy what I do.

In the past people that I have worked with more or less ask for forgiveness, this is a risky step and would only advise with a good local architect and contractor willing because it also makes them look bad.

Investing up here in Boone is impossible with property values so high so Ihave been looking more towards Wilkes and Winston.Is it really that bad up there in Boone? 

I'm selling it for 10000. i asked buyer to pay all closing costs with the cheap price im selling it for (the house is in rough shape but not as rough as comparably priced properties in the area most of those have a bad roof or foundation and this one doesnt its livable actually ).