What are important considerations & challenges? 

What considerations should I have if I add this? 

@Hunter Kennell@Jay Hinrichs certainly would be a credible referral as someone who's been in the business for a considerable amount of time!

You have a window (assuming it is legal egress size and height).  

Fix and flip loans are cheaper and considerably easier to close.Smaller building projects are often funded in cash on a phase approach. 

It's about as true a thing as there can be in investing.Is there any property in the United States -- not bought on a sink hole or something -- that isn't worth considerably more today than it was 20 years ago?

Here are some steps to get started:Market Research: Identify areas with strong growth potential, low vacancy rates, and high rental demand.Financial Analysis: Evaluate the cost of construction, potential returns, and your financing options.Legal Considerations: Understand the zoning laws, building codes, and permits required for new construction in your chosen area.Sustainability: Consider incorporating green building practices to increase the property's appeal and long-term value.The Bottom LineWarren Buffett's investment in new construction underscores a broader trend in seeking alternative avenues for growth and diversification.

Especially when you’re dealing direct with a seller, emotions should be taken into consideration, and can actually help you land a deal significantly cheaper than what another investor is proposing who is coldhearted.

@Brittany Rogerson these are great questions, my wife and I did this a couple years ago so here are some thoughts, questions or considerations which we learned through the process.- Are you planning on continuing to buyer more rental properties, and will your single income, plus rental income, etc. support you 5 year goals? 

I have a house in Garfield Heights that needs some work.