Additionally, reaching out to other developers for their insights on the timeline's reasonableness could provide a bit more perspective.

@Anil Bansal: Hi Anil, can you provide more detail on the units you purchased.

Maintenance costs in a resort area can also be higher than in non-resort areas.Regulatory Environment: Local regulations regarding short-term rentals can change, impacting your ability to rent out the condo or imposing additional requirements or taxes.

We plan on having those details ironed out before the next offer.

And, with only 10% needed down for the purchase of the property, and only 10% down needed for renovations, it seems that if we buy a property right, renovate it and add 10% in value, we could potentially refinance into a more conventional loan without having to bring additional cash to the table .

I have read several books on real estate that explain the basics, but neither going into much detail on sheriff sales in particular.

I love that you are looking to get started and would be happy to answer additional questions for you.

But if you can buy $500,000 in real estate, now you are leveraging your assets.  5% appreciation over 5 years on $500,000 = $138,000 in additional value.  

Additionally, consulting with a mortgage broker could open up more avenues.

Great additions!