We have an opportunity to pick up a lot and are wondering if it's cheaper to just buy a duplex/4plex that is already built and fix it up instead of building one from scratch with the current  construction costs being so high. 

If you don't already qualify, the answer may be you need to save a larger down payment, look for a cheaper property, or wait a few more months to build longer credit history.Good luck and don't forget to save a beefy emergency fund!

Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.

So what happens is there is a differential that builds up over time where you get grand-fathered into a lower taxable value.  

.- Look for off-market deals that are much cheaper,  using hard money and then refinancing with a rental loan.- Find properties where the owner will finance most of it, so you only need a smaller loan with the higher interest for the down payment.- Take over a property where you can continue the seller’s lower interest payments.- Another thought to give why would you want to do a rental at all, I mean those terms are horrible. why not buy something else with a better return on invest?

We are open to getting a home renovation loan and finding something cheaper and renovating, but we still can't get into the prime areas for the budget.We have been advised to make sure to choose an area insulated with good schools and parks but that's just not possible with our budget unless we go to the suburbs, which we are not willing to do.

I built high-end custom modular (e.g. stick built in a factory and shipped) for a significantly cheaper cost per sq foot than it would have cost to build with a local builder.

In some places it maybe cheaper to rent than to buy (eg most of California). 

I know labor costs are cheaper in the south than what they are where I am at in the NW.... see what they charge on average per sq/foot to build.A couple positive aspects to new builds that are often over looked are very low capital expenditures for a 10-15 year time period after the build.

I have two people in one unit who have told me they prefer to put ALL their clothes in one big cycle at the laundromat and simply pay $8-10 for the wash and a couple dollars for the dry so they only have to do one load and spend only an hour and 15 minutes doing it as opposed to 4-5 hours for multiple loads in my cheaper machine.