And the 180 day time period make it almost impossible to get it done.If possible, you could find a builder willing to take title to the lot and you could go into contract to purchase the completed house and lot from them when completed. 

We obtained the full financial package, and the seller's "Pro Forma" is built on a complete fantasy.The descriptive reason for the high cap rate is that the seller is using deceptive and impossible expense projections.To get their advertised 15.26% cap rate, they are projecting that as their Gross Rent increases by $75,900, their Total Operating Expenses will simultaneously decrease.Here's the breakdown of their math:Taxes: They assume $0.00 in property tax increases, which is impossible.

Quote from @Xavier S Lopez: I currently live in North Jersey and it is near impossible to get started on investing in real estate here.

Even if the land was free, its next to impossible to build a 2,000 SF structure including design fees, carrying costs and construction costs for $240K where I invest in Philadelphia.

Anyway makes following the discussion almost impossible like a book with the chapters all switched up.

Long winded way of getting back to my question – I work about 70-80 hours a week in the city, so managing a property would be almost impossible (especially to do it the right way).

Its not impossible but it will require a lot of effort.

The market for flipping in Nashville is definitely competitive, but it’s not impossible.

Possible in some, impossible in others. 

This seems impossibly low to me and everyone I've talked to about it, including my agent and another appraiser (off the record) agrees.