FHA will not insure a mortgage if it is determined that the transaction was designed to use FHA mortgage insurance as a vehicle for obtaining investment properties, even if the property to be insured will be the only one owned using FHA mortgage insurance.Any person individually or jointly owning a home covered by an FHA- insured mortgage in which ownership is maintained may not purchase another principal residence with FHA insurance, except in certain situations as described in HUD 4155.1 4.B.2.d.”Then note the only the exceptions where you may be allowed to have a second FHA loan at one time.

Purchase price: $499,950 Cash invested: $195,000 Sale price: $1,692,500 Purchase existing home, build new SFR, pack full of design and custom quality finishes.

Would it be best to design a custom template or has anyone been able to find a good one for this?

Because 10 years of ZIRP (zero percent interest rate policy) and a government fabricated loan, is specifically designed to make lending loose, putting people in homes they can't afford without government intervention...precisely what caused the first housing bubble.  2. 

If it would "violate" the exchange rules, who and how would the "governing body" know or inflict penalties?

The Commissioner of Highways may enter into agreements with any local governing body authorizing local law-enforcement agencies or other local governmental entities to act as agents of the Commissioner for the purpose of (i) enforcing the provisions of this section and (ii) collecting the penalties and costs provided for in this section.

Your contract should designate what work comprises each 30/30/30/100.

@Mark HerrmannAlso, despite the perception of the “low-income” status of the zones, there are actually some really good areas designated as OZs that really didn’t need the incentive for development.

@Jenna Williams appraisers compare ages of property by effective age and from the improvements you have described, 15 sounds right and is the go to designation for propeties in above average condition.

In a previous posts, we described the site selection and project programming (design underwriting) process in a real estate development project.