New Construction vs Rehab for 1st project

[Cesar Torres]

Hello BiggerPockets Community,

I've been looking for a fixer upper to rehab for my first home for a few months now. I've gone to see several houses and most that are in my price range (below 200k) and in my target area (Downers Grove to Brookfield, IL) are built 1900-1950. A few have had foundation problems. In this environment with short supply of houses I'm considering buying land and building new. My logic is that it may be less risk than rehabbing in terms of ROI given the high priced area and uncertainty of problems that come with buying an old home. My family is in the trades (concrete, siding, flooring) so I am thinking I can get a reduced labor cost on some inputs. I'd like to find out if for the same amount or maybe a little more I can just build new instead of rehabbing. I have a few questions.

1. Is finding a good deal for land easier than finding a good rehab deal?

2. I got pre-approved for 200k house. Is it realistic to think I'll qualify for a construction loan? 

3. What are some of the biggest risks or obstacles that come with new construction?

4. Any books, podcasts or other sources to read up on new construction?

5. What are some of the not so obvious difference between rehab and new construction?

I'd appreciate any input or advice on any of the above questions. Thank you so much for your time!