I would dig a little deeper, look at the demographics, look at the available product, and look at your objectives - then pick your poison.  

Not sure if you're going FHA or not but I know of a loan product called Home Simple with All Western Mortgage that allows you to make a cash offer to the seller and then refi out with a conventional loan, but my understanding is it requires 5% EMD. 

This is a harder to find product, so we need some help to find good places. 

I'm a realtor in Coastal Alabama and we have a high-production builder down here (DR HORTON).

The initial setup is a little pricy, but I feel they provide a good product Hey Rudy, have you used the service of Boostly?

Build a home and then purchase that product with a personal conventional or FHA loan? 

I would second Bonnie, If we could look at the listing via link we can provide some more productive and effective feedback.

HMLs are a crucial short-term solution for properties needing significant repairs, and for investors not wanting all the red tape that comes with traditional products.

Most hard money lenders will offer these products, but not all are created equal.

I say all that... if you are set on it, Guesty has a new product - Guesty lite.