Sometimes a BPO does not get us comfortable enough with a property and a full appraisal may be required dependingon project size and other factors.

While slightly more “boring”, with the amount of money you have to work with you could probably finance 4-6 $200,000 rentals and generate monthly income that could go a long way towards replacing / supplementing  a descent portion of your W2 income. 

Once all of the above is known, and you have a preliminary site plan showing how many lots (and the size of lots) are available, you can start putting together numbers on the cost of the whole project.

I wound up finding 3 from a person who had ordered the wrong size and couldn't get a refund that just happened to be the very specific small size I needed with an arch.

In all of that time I've only had one situation that I would have kept any part of a security deposit for "damage" (to replace one new set of king-sized sheets.)

Usually, your PM might do some light rehab/turnaround to get ready repairs, but in general you would hire a contractor yourself for a medium or bigger sized job. 

The neighborhood is desirable, so renting it wouldn't be difficult but it would be niche because of its size (4/3, office, dual living rooms, game room).

Essentially, the seller has agreed to let you pay off a portion of the property over time, so as you pay down the loan, you’re increasing your equity stake in the property.

When you know the buying process, the neighborhood, and how to find the property on your own, and are ready to buy another property: How can you avoid the 2-3% buyer commission portion going to an agent on an MLS listed property, without having to get your license and pay the costs of having a license?

As a joint owner, only her share would receive a step-up, and you'd still owe capital gains tax on your portion based on the original purchase price.