I would buy 23 properties under market value leaving about $40,000 into each deal while also creating another $40,000 of forced equity through repairs.

Quote from @Mike Tamulevich: @Rick Soto, congrats on taking the leap into your first spec home build under your own name.

Having this experience is unvaluable for REI.

I'm also negotiating cash for keys, but I may opt out of doing so if I have to wait for this 180 day redemption period for the IRS to claim the property if they do. what has anyone's experience been with this ?

If you’re an investor open to helping newer players in the field or know of groups that foster this kind of mentorship and partnership, I’d love to hear about them. 

The best part is you have the option of turning the property into condos at some point down the road, which is where the real payoff happens.

This tool enables you to create lease agreements, accept payments, and handle maintenance requests seamlessly!

You're unlikely to make this work with a 203k loan, which is an FHA product.

How did you finance this deal?

Keep in open mind, take care of your tenants and solve one problem at a time - those are the few tips I can give you as you are getting started.