I will also note that the RC zoning district allows for quite a few extra units so you would get the best use out of your land by building a quadplex or something like that.if you are interested in going forward though I work part time at NOLA builds in town and they do great work for construction at all levels.feel free to reach out if you have more questions 

Half the time they may not even realize they are acting as the GC and have that added responsibility or what that entails.

32k or even 42k on a half million dollar house doesn't sound all that good.What's your projected cash flow after all your expenses including a likely higher mortgage payment than the current owners?

These can sometimes offer better cash flow, especially if you’re in a family-friendly area with unique features like extra square footage, an ADU, or flexible layouts.

Promissory notes in general, as they have no collateral, seem a bit higher risk, perhaps mortgage note investing which are backed by residential and sometimes even commercial real estate would be a safer alternative, and yet very lucrative, too,  8-12% yieldsFor extra returns, I put a small portion of my portfolio into BDCs, Business development companies, that specialize in loaning money to growing businesses which are too high risk to get loans from proper banks.

I plan to buy the half-acre plot from a land bank in a small town in northeast Ohio. 

Section 8 can definitely cause extra headaches like the longer wait times to get a tenant in there, the inspections, and the incompetent CMHA office you can never get a hold of.  

i wouldn't worry about getting the absolute cheapest loan / saving half a point - i'd try to build a relationshiphope this helps

Not sure if this has been mentioned as I skimmed the last half of the posts.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.