However, keep in mind that tying your primary home to an investment carries inherent risks, especially if the flip doesn't go as planned.

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Selling to the wrong buyer can become more expensive than carrying the home for slightly longer.I will buy my bath/kitchen fixtures at a plumbing supply house and not a big box store.

While the home needs to be paid for prior to delivery in many cases, the transport companies carry the insurance from the factory to the site. 

I can see the OP giving this a shot.. but it is risky he could end up making a few bucks and getting experience might just break even or he could take a loss.. that margin is very thin in markets that are not selling as soon as you get CO  thats been one reason we have been profitable very few homes have been carried past CO so financing cost are at a minimum.. you hold a spec home 6 months past Co and every month your losing money you will not recover.

There are lots of folks Bigger Pockets who feel they have to carry a gun to show vacant units.  

Even if you believe you can stomach the monthly payments, paying $20K a year to carry a piece of land based on the information you shared is not recommended.

Once its approved it will be worth about 100 million. and the 10k a month is all principal there is no interest carry.. so been it it 15 years already..

New unit: 4-unit multi family in which 3 units (with existing tenants that will carry over from seller) will remain investment; I will move into (currently empty) 4th unit AND USE as primary residence with primary mortgage.

@Irina Badal The best way to protect your rental investment is to carry adequate insurance.