There can be exceptions (like this year we had a stellar condo price growth), but most of the time they lag in price appreciation, and in case of downturn first one to get hit.I will stay away from Aberdeen or rural WA, unless you really know your stuff.

Ill vet the contacts you provided and give an update on how things went with the contractor i tried. 

Here In San Diego,  some of My clients loan at 20%,4 points and 9.5% depending on the deal. down payment may go up to 30%, but my best guy stays at 9.5% which adter reading the thread I think is pretty good.

I hope this help you figure out what questions to ask your lender the next time you speak. keep us updated!

The way the politics are running in CT I would stay away if you can afford to.

If it stays on the market for a while, the prices tend to drop and the seller may be willing to accept a low ball offer.

I look forward to hearing of your new deals so keep us updated.

2) Would I be able to use a 203 for funding, then split the properties after the fact, assuming I'd stay in one of the townhouses for at least a year?

**I would recommend that you stay away from these programs in doing your rehabs.

It's a fine line between keeping equity down and staying safe in a fluctuating market.