It will be even harder as a young person with no life experience, and particularly no experience buying real estate. 

I originally wanted to buy into a vacation rental market but this last year has been crazy and we seemed to have been priced out.  

Some 'ting fishy and smell of foul odor.ARV of $375,000 and buying for $103,000?

You can get a much better return on your investment elsewhere and with $500k you can buy 3 homes or a 4 unit.  

Then bought my own deal the following year 37.7k sq ft warehouse on 4 acres in Plano.Been buying industrial for last 6 years.I think your plan is right, I'm a big proponent of joint venturing on commercial deals.

I currently live in WA state and invest out of state for buy and holds.

I am a long-term investor with a buy and hold property in Brooklyn, NY and I also own multiple lands in Florida and Mississippi.

You said you're trying to buy the house from someone who is in foreclosure (not yet foreclosed on).  

Once you can define what you are looking for then you can create your "Buy Box". 

Please see the rough numbers below :Tear down house price 350k,Construction cost 165 sqft * 2 build=627k too much for the land unless your exit is 3 million. don't reinvent the wheel. no single family home builder is paying 300k for land. that's miami florida prices where I live. we buy land 50k and under in Columbus Ohio. keep land at less than 10% of after built value.