Well, a foreclosed property is typically sold auction style - usually on the courthouse steps of whatever county the house is in. 

First, buy up a block of rowhouses or a multi unit just outside the ghetto making sure it has good public transportation.Do a quick rehab.Advertise for rent in the PGN.

It is a colonial style home built in 1850 with 3 beds and 2 baths.

Apparently someone put a propane style WH in before.

The cost of other (non-new construction) houses in the neighborhood have no relationship to the cost you'll incur to build a new house.Your costs will be based on a lot of factors:- Location- Level/type of finishes- Style of house- Size of house- Whether you GC it yourself or hire a builder- The types of contractors you use- Your negotiating ability- How strategic you are with your designs to keep costs downI've built houses for $60/sf, and I've built similar houses in other locations with different contractors for $90/sf. 

The thing is, I have zero experience with marketing-style writing.

We're not  talking chump change investments.

One additional thing I would suggest is to speak with people doing the type and style of investing that most interests you.

Paying off the line with all proceeds from all cash-flowing properties I have will help us expedite the "rinse-n-repeat" model giving us flexibility to have some steroid growth style action for our biz.    

Identify the champs from the chumps and see what you can offer them in return for some knowledge.