My loan was a VA loan no down payment, and I carried the whole mortgage a few months in the first year while figuring out what to do with the rentals.

While the home needs to be paid for prior to delivery in many cases, the transport companies carry the insurance from the factory to the site. 

I had to start the eviction process, but fortunately, they left a little over a month after their lease ended—just before it went to court.These challenges reinforced the importance of tenant screening and clear leases, lessons I’d carry with me throughout the year.Summer: Refinancing and Big ChangesSummer brought a mix of wins and challenges:I began having issues with the garden unit tenants, which would escalate later in the year.After learning from the screening mistakes I made with the garden unit, I updated the third-floor unit and rented it to great new tenants.

You will be forced to solve problems and get scrappy which will carry through all the next phases.Then, I would see if I could possibly start with an addition, garage build or other small and simple structure for your first ground up -- I started with a 250 sqft master suite addition.

Even if you believe you can stomach the monthly payments, paying $20K a year to carry a piece of land based on the information you shared is not recommended.

New unit: 4-unit multi family in which 3 units (with existing tenants that will carry over from seller) will remain investment; I will move into (currently empty) 4th unit AND USE as primary residence with primary mortgage.

PS:  A lot of the "no debt, ever" people feel a moral sense of superiority to those that carry debt.

@Irina Badal The best way to protect your rental investment is to carry adequate insurance. 

Once its approved it will be worth about 100 million. and the 10k a month is all principal there is no interest carry.. so been it it 15 years already..

I've seen the wholesaler deals that get sent out, they are barely under market value and carry more risk.