Many of the big guys don't Insure this area due to a situation maybe 10 to twenty years ago when the majority of the properties were insured by the same company and they were scared of total loss for the area and what that would do to their bottom line.

If not, there is a line of buyers in back of you, so step aside...next!

I've seen properties subdivided and the road (which was private) became a public road and all trees lining the road were cut down by the city. 

@Robert Kennedy, sometimes the delay is caused by there being people ahead of you in line, who previously requested a price quote. 

Originally, we had planned on cleaning up the fence and repairing it where needed.

those kind of lines I think are coming back for the bigger HML and crowdfunders maybe a little different set up but same theory.

@Craig Poskus Publication 527 doesn't help much on this because there are no bright line tests for what qualifies as a 5 year asset or a 27.5 year asset.

The numbers pencil out fine as is but I wonder if down the line the condo market in this area picked up whether it would be possible to convert the apartment building into condos (they are all 2/2's) and then so lease options on the condos using my low FHA rate to arbitrage a higher rate on the note to the buyer. 

In the future, don’t go out on your own line that of course.....there is generally never a rush to do something like this.

A hard money lender would likely charge 8-12% interest.A home equity line of credit (HELOC) is running around 5 - 6%.If he invested his money with someone else, he would expect a fair market return on that investment.