I'm a local, CT based investor, flipper, and property management company owner.  

There is also an ad on small "house" which is also being rented.

I have a lake house near a University.

@Jason Sinclair, having a designer for a wife, I would answer that it really depends heavily on each house, the flow and usability of the spaces as they are, and the overall use of space in the house as a whole.That being said, while there may be a small shift towards more separated spaces, "open concept" is by no means dead, and in many markets, most people seem to still want to have connectivity between their communal spaces.In fact, my wife's current flip is a split level (although technically it is a split-foyer), and she is taking out a structural wall to connect the kitchen, dining and living areas.  

Hello @Fulati,With that budget, I would look for houses in East Memphis, Cordova, or Bartlett.

Things like this are why it's important to work with a professional who is well versed in real estate taxation because the "common/simple" strategies taught frequently like BRRR or house hacking actually get fairly complicated when it comes to handling it correctly. 

Is there no one else of your religion in the area looking for housing?

I have a property that I could sell for somewhere around 400 K with owner financing.

But if the guest was drunk, didn't know they broke a bottle, or simply failed to tell the owner, now what?  

After the new home is built, I plan to sell our primary house.