If the property you have found is already on the MLS then I would pretty much guarantee it is not good enough a deal.Example:Rehabbed ARV: 100,000Admin Cost: 15,000Rehab Cost: 15,000  (Just updating everything)Profit: 15,000Purchase: 55,000Instead:Purchase: 55,000Rehab Cost: 1000 (Some clean up and landscaping)Admin Cost: 15,0000Profit: 15,000Sell for: $81,000 to someone that wants to put "sweat equity" into it and make same profit. 

Value was added through basement repairs, refinished flooring, a new roof, cleaner landscaping and fencing, as well as other minor cosmetic issues.

His brokerage is actually based up north, but their third largest state is Florida and Anthony is moving to Florida in the coming months to manage a bit of an expansion for the brokerage.

I want to use a FHA Loan to finance a spec home new construction for $470k standard ($550k with full upgrades) as my new primary home contingent on selling my current primary homeCurrent Primary home appraised between $280k-$300k as-is or (ARV) $320K-$360k, 2008 build$216K mortgage balanceRepair/upgrade cost $10k-$15k which includes countertops, his/her master bathroom vanity, landscaping, appliances, convert loft w/closet into a room making house go from a 3/2.5 to a 4/2.5, maybe an extended driveway and patio area etc.My question is, my FHA Loan will only finance up to $480K, how do I finance the rest if the purchase price is higher than $480k?

It also runs the risk of increased liability, a tenant getting a "god complex", inter-personal conflicts, etc.There's nothing wrong with hiring a tenant for minor landscaping or snow removal but make sure you talk to your insurance company first to verify you're covered if something happens.

I'm thinking of putting in stainless steel appliance packages as units turn over wherever the existing appliances are old enough to justify it (5 years plus); resurfacing  and restriping the parking area and assigning spots to each unit; maybe doing some minor landscaping upgrades; freshening up the laundry room; maybe adding a small "tot lot" play area for kids under 5.

You could always put landscaping fabric over it and some rocks.  

New siding, some landscaping, back decks, kitchen, bathrooms, flooring throughout, paint, trim, doors, etc.

@Samuel Garcia adding to what @Ned Carey mentioned...Utilities, Snow Removal and Landscaping are a few other costs depending on what your lease states and how your building is set up.

Landscaped What was the outcome?