It’s not even close (FT).

Despite the guru fed “misinformation” about all these under market price deals, they are actually very rare and require (1) the investor recognizing value that the seller and the rest of the market misses or (2) a seller with a need for an immediate sale and a buyer with the CASH immediately available to conclude a very quick closing usually forgoing inspections, financing, and other contingencies. 

If I were new I would simply stick to areas close to where I live.

Any ploy, tricks and legalities.

This is both a legal and tax question. 

Sourced through the MLS and negotiated heavily with the seller to get price reductions and credits at closing How did you finance this deal?

I think it is more beneficial to save for the downpayment + 6 months reserves and closing costs.

Alternative is the sherif evicts him and I pay tax and insurance.I know we can have a gentleman's agreement on these things, but im still afraid he might be able to legally sue me if we have a legitimate residential lease?

I'm looking in miami florida for sites where we could get the numbers to work and we are getting close maybe in homestead. with that you could continue to pull cash out after it was built. in our market we need about .1 acres and we get land under 60k that the investors buy. the build cost is about 75% of appraised value or a little less. the investor refinances out on a DSCR loan and continues on. this strategy is ground up and it takes advantage of the buyers market for land in our market.

However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.You didn't mention if this would be a rental or owner occupied.