Determine the cost of construction (hiring a contractor in the GNO area is going to start around $165-175/sqft to build) and be sure to include all holding costs, as well as interest in the loan.

Hello Evan, I have helped a number of Bigger Pockets investors build their portfolios in Syracuse and surrounding areas.

My son (age 24) however, is an independant contractor / self employed and is trying to buy a house. 

Build on both?

This could create a disdain for flipping properties and not continuing on the path..The other option could be wholesaling it to start a path to build a war chest to go out and do the first flip with your own money down. 

I should have mentioned that I am out of state in Colorado and I'm not connected yet to contractors that I trust to do a rehab.

And working for a contractor that does flips or rentals would be ideal.

Unless you're in a Class A Neighborhood like Palmer Woods, Indian Village, Sherwood, etc,. the additional rent probably won't support the cost to build:(More profitable to take the build funds and buy another property.DM us if you'd like to discuss more...

You will want to interview at least a couple of realtors and determine what resources they have available for you in several arenas (lenders, contractors, more). 

Does anyone know of any folks in the Austin, TX area available to show properties to potential tenants? I manage properties remotely and can handle all the leasing/management pretty easily with my team. Just need some...