What vintage property are you looking for?

You could find less expensive property in a not so good area.

Quote from @Tomasz Kaminski: @Chris SeveneyHow do you consider property value if you cannot go inside to evaluate the interior condition?

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

Property will be held in LLC.

I'm an investor/agent/property manager in that area and would be very interested in hearing more about the property. 

The property is older and the appraiser gave a list of repairs needed in order to be approved for FHA.

Transfer Fees or Property Tax Reassessment Some states impose a transfer tax or reset the property tax basis when property ownership is moved into an LLC.

I typically recommend a new construction for a true turnkey property as the builder typically has some sort of warranty.

House Hacking with a TwistRent out rooms: Even though you're living in the property, you can still generate income by renting out spare bedrooms.