Build or buy house for rental

[G Holland]

I currently own a vacant residential lot where I would like to build a single family house. I have a refinance loan on my current house for funds to build, but it is not enough to pay in full for the new build. I was planning to later refinance the new build to pay back the first loan. Or should I just buy a cheaper existing house, because building new is so expensive?

Anyone have advice on this or another solution?