To do this, you'll need other sources of income that are tax "preferred".

Requiring raising preferred, probably impairment to early investors may happen.

I would great appreciate more info in order to make a more educated choice.

It goes to your preference, of course, but whichever can produce the greatest ROI should be considered.There are many markets in Michigan, for example, where it is cheaper to buy an existing house and fix it up than it is to build new.That may not be the case where you are at or through the construction suppliers and contractors you may have access to.To Your Success!

First, and most preferable is WITH lender consent.  

My personal preference for a buy and hold would be an already established area (or an area that's still gentrifying, but has already seen significant progress). 

I prefer to have the least amount of banks as possible.Create a bank account that you already have a relationship with(Credit card or mortgage)The least amount of bank accounts is also ideal.

People have no choice but to move to cities where they can live and work immediately.

So, what is my most preferred to least preferred, it all comes down to cost of capital.  

The Seller has 3 choices; Accept, Reject, or Counter.