Really that simple.Of course, the pitfalls are:- Extra time/effort/risk in permitting- Extra holding costs- More risk to the budget- More risk to the project if you're experienced/comfortable doing additionsI think this is something that any serious rehabber should have in their arsenal, as when inventory gets tight, these types of deals are often the ones that are available/profitable.

If the seller objects, the negotiate it to something that you feel comfortable with.

In my mind no offer is greedy.Clearly 150k makes you cringe a little and your comfortable at 93k-101k so decide your max is 101k and start your offer at 90k you never know what will happen.

The education happens at every step, getting money, choosing a property, networking locally, finding contractors and finding good tenants.

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I want to hold and rent the property with the help of a good property manager while I remain in NYC.I eventually [5 - 10 yrs] would like to invest full time and build up a sizable portfolio [$50M+] with the cash flow to allow me to live a very comfortable lifestyle.

If you're comfortable and know how to positively leverage debt, I suggest you borrow the max that the lender would allow.

However, due to lack of experience as GCs, the project owners may have saved money, but usually at the expense of speed, comfort or quality.

I will always be comfortable if I stay at my job forever.

I personally choose the 5/1 ARM as I intend to hold this property for 5-8 years.