I use 10% until I have the property inspected to determine the current condition and life expectancy of all major components and appliances.  

So I thought this would be the perfect house to put a token bid on just to learn the steps of submitting a bid, as more bids would go in as it got closer to the end of the auction and outbid me.

My first spreadsheet is condensed information form my mortgage broker and lists on the Y axis (vertical): mortgage terms, rate, APR, fixed term, years, credit score, loan amount, sales price, percent down, down payment, FHA funding fee, Total Loan Amount, Estimated Monthly Payment, Principle & Interest, Homeowners Insurance (Flood + Home), Property Taxes (1.23% home price in my county), Mortgage Insurance, HOA Dues, origination fee, appraisal fee, tax service, flood certification, credit report, attorney's fee, title insurance-lenders, title insurance-owners, recording fee, verification of employment, survey, home inspection, water/septic if well, pest, 1st year homeowner's insurance premium, homeowner's insurance escrow, property tax escrow, per diem interest, down payment, closing costs, prepaid expensesOn the X axis (horizontal) I have the numbers for 200k, 250k, 300k, 350k, 400k broken down into whether it's single family or multifamily, then FHA or conventional2.)

An extra >$600/month/unit in rents seems a bit crazy to me as this might be closer to $150k/year NOI (again, need to look into the NOI a bit closer).

Multiple offer situations and it will be that much more difficult to even get an offer accepted Interest rates are around 5% right now so by summer they could possibly be closer to 6%Get with a competent agent right now to get a plan together because the plan you have now will not create the best outcome for you.

There is a lot of costs that need to be considered despite how much you think is finished.One thing that I tend to find with unfinished builds is that the permit inspections failed... often multiple times.

It borders Allen Park, so the houses that are closer are nicer....but as you go further north, it gets closer to Detroit city limits...and it starts to turn ugly.Message me if you'd like to discuss more. 

If you are very new to investing as you state, why don't you try and start closer to home?

@Drew SlewOther than partner financing: few ideas to help get you closer 1.)

To get even closer at the value of yours find the average price per square foot of comparable properties and use that number times your square footage.