@Cameron Porter +95% of the land bank inventory is already picked over by the time it hits the public.The only people we know that have bought ALL went over budget and only the increasing market covered what would have been losses.So, proceed VERY carefully!

From what I’ve read in the Wall Street Journal, locking in a low interest rate now could be a smart move given today’s economic trends.

Present day: I have money saved up in Canada and have been reading books, found BP and listening to podcasts, reading forums.

It's a former adult care home, so the layout is shared bathrooms, and this would allow me to not have to change the plumbing layout while offering a competitive price-point and unique experience to travelers.

Your best bet is to read information from public blogs that approach both options objectively.

If you decide to build new construction, be very careful with builder contracts out there. 

I personally read 2 books about wholesaling that cost me under $100, which gave me a solid foundation.

What I am trying to say is be very very careful in the city and speak to attorneys ahead of time in regards to the process, cost and how long it will take. 

I believe new construction homes don't cash flow as well, based on what I have read but not sure if true.  

Be careful.