If an in-person visit is not feasible, we can easily arrange video tours to accommodate your schedule.

I've walked their properties in-person, and their build quality is good.

The cost to repair your vehicle, and perhaps the other person's car, will be WAY MORE than the cost of the insurance premiums you saved by not having insurance. 

With comps ranging from $875K-$1M and your estimated build cost at $550K, the after-completion value gives you a significant equity cushion, making this project highly attractive to lenders.If you plan to hold and rent the property, you could refinance into a DSCR loan after construction, which bases lending on rental income rather than personal income.

Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.  

I tried to create rapport with the owner over the phone but waited to present my real agenda only in person.   

Not talking about you personally.

Ask your employer if you can have your pay split up into three deposits, one to investments savings, one to your checking account for personal use on a daily basis, and one to an emergency account you can tap into so you don't have to tap into your investment savings.

Dumb question - but are these auctions online only, or in-person? 

I personally started in my local real estate market in Columbus Ohio.