Network with local investors, undertake extensive due diligence, and develop a clear exit strategy.

HUDuser.org is great for vacancy rates, but cross-referencing with local market reports is important for more context.For job diversity and employers, LinkedIn or regional economic development websites often provide insights.

Generally I look for distressed, development, value add, etc.  

There’s no guarantee a person marrying an unattractive woman will get any better results than someone that married an attractive woman.   

I have a close associate with a large project there and the local banks have turned off the spick-et on funding his developments and these are very large multi thousand acre deals.

I'm a contractor based in Maryland and DC, so the renovation aspect is well within my expertise, having done numerous projects for other developers and general contractors.However, I'm facing a challenge when it comes to choosing the interior design elements, such as bathroom tiles, colors, sizes, fixtures, etc.

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

More syndicators go out of business and wind up in foreclosure and/or lawsuits to enforce loan guarantees. 

I’m interested in purchasing an investment property with equity I’ve developed in my current home, however I’m concerned that if I have an issue renting out the new home it can blow up in my face.

You aren't guaranteed ANYTHING!