I currently work in construction and have some experience in all aspects of building.

SHould I just pass on this old property and look into new construction?   

I am new to real estate investing and was looking into taking a heloc on my primary to purchase land and do a construction loan.

These two data points help us understand the demand for new construction homes in terms of size and price.

You're situation could be far different, for me I am looking at higher construction costs than you have (most likely) and deals in the area I can put 20% down on as opposed to using the money for another unit. 

Recently, my wife and I came across a new home under construction, set to be completed early next year.

Its tough living in a construction zone but it can also offer you both an investment, education and place to live for the time it takes to complete the renovations.I actually started by using private money (people I knew who had money) and used them as lending partners.

Ask for no prepayment penalty in case you entitle it sooner than the three years and want to get a construction loan. 

Work for a flipper or in a construction biz so you can learn about managing projects and what rehab costs are for different jobs.

Hello all,I am currently pursuing a Master’s degree in International Real Estate and have 17 years of experience in the construction industry in my home country.