We walked through the house (on the same day it was listed – thanks again Matt for being so proactive) and I basically told my wife I wouldn’t want the house unless we got a ridiculously good deal because of the completely unusable floor plan.

A great flip would've been if you had gotten the property for a ridiculous deal, because the deal just has to be like that to be very workable.

Their alternative, which is even more ridiculous, is to base it from long term rental rates from the 1007, which almost never cash flows enough to qualify for a reasonable leveraged loan. 

Farmers quoted a ridiculous price BTW.

Ridiculous..Another thing.

I am not saying it is ridiculous to prepare for, but I don’t think there will be much to do about it when this "event" happens.

Because Florida was one of the hardest hit areas during the '08 meltdown, a lot of properties were scooped up at ridiculous prices and now have taken off like a rocket, especially in Orlando. 

I think that even in liberal New York this would be ridiculous.

If you don't pay them off during the 0% phase all of the interest accrued over the 9 - 21 months at (fill in your ridiculous interest rate here) will hit you in the face.If it's the only option and the numbers work I'd still go for it.

If the ground is not sloped towards the house and there's not a problem with ridiculously high water tables, this kind of problem is almost always related to gutters & downspouts.