This of course would be the ‘end’ game.

Apparently this is the case because condo developments are considered "non-warrantable" meaning the loans won't be backed by Fannie Mae or Freddie Mac.

Before you get into the game, it's best to research and know your market first.

Hi Christine,While I personally would not be interested in a property that does not cash flow (or will cash flow after some rehab is done), if you are playing the appreciation game I would make sure that the property at least breaks even when all the costs (including vacancy) are factored in.If you are at least even, you are having someone else pay down the mortgage which at least still makes you some money, even if it is tied up until you sell.

I am just starting to break into the real estate "game". 

Is this site part of a development or totally secluded?

Take advantage of Bigger Pockets and start developing relationships up here. 

In California, if you can get a neutral cash flow you are ahead of the game.

we had about 50 million out and that was 250 investors.pretty sure you will find like kind companies in your state no problemthen just look at loans they present you and make sure they make sense.DONT do this with NEWBIES or people hitting you on the internet talking a great game.. you need to belly to belly and make sure your aligning with top shelf experienced players. 

Post Dodd Frank Act and all the new Federal lending laws, proving ATR (Ability To Repay) is the name of the game these days.