renovating vs building a house from scratch

[Sri Voodi]

I have been in the Los Angeles market for almost 8 months, I don't seem to like any properties. Either they have a weird floorplan or priced too high. This got me started on thinking of building a house from scratch. I see vacant lots around 400k on mountains with amazing valley views. And I'm inclining more towards building. 

What are the things I should be aware of - permits, soil testing

I have no building experience and planning on hiring a Contractor to build - I plan to be more hands on after I have one successfully completed project

What are the pros and cons of having a property on a hill (West Hills area)

Is it wise to take my contractor to inspect the land before I put down an offer - it is a .75 acre lot

How much would 1 SQft cost in Los Angeles area? (Assuming the materials used are not too high end or too cheap - somewhere in between)

How long would a typical construction take - in months?

Comps around that area with the no of beds/baths (4/4) that I plan are around +900K - built around 1980's

Financing this project is not an issue

What is the typical contractor mark up?

utilities are on the street - so not an issue

Anything else that I should be paying attention to?