The neighborhood is 15-20 minutes, walking distance, from a wal-mart and a ton of other business, i.e.

I guess within a few years of appreciation, raising rents, and a refi(brrrr) i should be fine.

I understand the roof and A/C are fairly new.  

You would have a lease agreement and a separate option agreement with the original seller and you would have a lease agreement and a separate option agreement with the new buyer.  

You have nothing to gain from an appraisal and a lot to lose.

Also, it creates value as properties are improved and a service is offered.

So my husband and I have enough to put 25% down on a lake house that is about an hour and a half away from where we currently live.

I can search for most topics and find a good conversation about it.But I'm struggling with forum interaction.I see a lot of questions that never get answered and a lot of answers that never get responded to. 

I purchased a two family house in NY almost two years ago, but to purchase that home I took a pension loans and a personal loans to cover some of the closing cost ( 70k).

The loan technically goes into default if the 5 months are up and you haven't sold the the house, at that point you have a couple options;  you can give up and give the house back, you can make the extension payments which are HUGE and a big incentive to stay on track and get the property completed on time or you can get busy selling the house.