Lots of properties are acquired with an owner-occupied loan in a 1031 exchange, especially primary homes that have will have an ADU for rent or that contain a large office space for the homeowner/taxpayer. 

@Rehaan Khan An appropriately priced property in the suburbs does not sit on the market, especially if it is attractive to a homeowner (not just an investor).

Average home owner refinances their mortgage within 3-5 years so a 30 year fixed at these rates is just a bad decision with rates expected to trend down. 

Does your homeowner's insurance include sink hole coverage?

The fall/market market tends to favor investors a bit more, as the common homeowner isn't selling during that time unless they have to. 

Just like Home Owners Insurance here in Florida.

Account ClosedWe were able to get home owner insurance quotes on the house.

I think it's cute that your 4.0 in a poetry class qualifies you for this project :)Here are a few of my thoughts:- I think this project is totally doable--many homeowners successfully build houses like this and they have much less experience than you. - I frequently see BP posters looking for "investor friendly" contractors for their flips.

There are also a lot of buying opportunities due to all the homeowners who bought in at the peak and now can't make the numbers work. 

If someone doesn't understand how money works, and doesn't understand how leverage works, if doesn't understand the difference between a cost and an expense, if they don't appreciate the difference between good debt and bad debt, if they look at REI and evaluate it the same way as if they were investing in the stock market, if they don't see the risk controls in REI are much better in REI than any other investment vehicle, and if they can't look at a property without looking at the numbers like a homeowner...they shouldn't be investing in REI.There are major differences between all the comparisons I mentioned above...and all those differences are what makes REI so much better than other types of investments.There is an old adage that says, "wealth comes when you control everything, and own nothing"...all you need to do is look at the banks to see how this works.