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. 

It also gives you multiple work surfaces so you can have more than one person in the kitchen without getting in each others' way.

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.

If you close with a conventional loan, it will need to be in your personal name.

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.

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

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

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.