If land is at a discount there may likely be extensive sitework costs - if you purchase an existing complex in a good location your improvements will increase rents/value with the opportunity for conventional financing. 

ElenisDoesn’t seem like those exist on the east side (east of the river)?

Building is a lengthy process that requires coordinating multiple aspects, which can be time-consuming.On the other hand, buying an existing property is generally cheaper upfront and offers the advantage of immediate availability, so you can move in or rent out quickly.

Your strategy was (is) to make no payments on the mortgage and live there with no monthly mortgage, tax or rent expense until a lien holder foreclosed, which you believe you’re protected against because the borrower on the existing note is in active military service?  

A fixer upper would be more likely to get a deal on.Certain areas like Orlando are very saturated and therefore competitive to keep rented at a good price.Research insurance premiums because they have gone through the roof in Florida and other areas.

Thomas S. the same requirement exists in almost every jurisdiction in the US as well.

May require permtis and consultants depending on the scope $70-$100 per sq ftStuds out/Addition: This involves taking the existing house down to the framing.

The VA IRRRL is a refinancing option offered to veterans and service members with existing VA loans to lower their interest rates and reduce their monthly payments.

We are saturated just like all of Florida but our growing economy has LTR and MTR flourishing as well. 

Run comps, look at how much inventory there is in the specific neighborhood you are looking at and make sure it is not saturated with inventory.