I have individual clients with net worth from 1 million to over 100 million and 16 years in the business.Whoever you talk to make sure they have extensive experience and credentials to help you.

We have done extensive renovation and construction to add value.

Usually, there's an x-day extension already in the contract, standard is 10-day in ours, if needed for loan or title issues, which this should cover. 

According to Parker's post, the Fannie Mae Second Home rider states that in order to qualify for 10% down: "Borrower will keep the Property available primarily as a residence for Borrower’s personal use and enjoyment for at least one year after the date of this Second Home Rider, unless Lender otherwise agrees in writing"... so you need lender's permission in writing if you plan to use it extensively as a rental during year one.

Each year I bought 1-2 properties which needed extensive work.

How extensive is it?  

Thank you for the reply Hai.This one is undervalued comp wise and the repairs are not that extensive.

Perhaps it needs extensive repairs, is in a bad neighborhood or some other unknown impediment.

For the past several months I have been doing extensive research on real estate and finding the details in every last aspect of it but I wouldn't advise over analyzing everything because it takes money to make money and you can't flip or start cash flow properties without a fairly large capital so I would recommend focusing on wholesaling which is an easy way to start building capital if you really work at it.

It was zoned for 2 units, it has been operationally 3 units for 18 years based on utility records (DTE Planning Department keeps extensive records).I performed extensive cosmetic renovations on this property.