But if you are using seller financing and a regular CRE loan, the seller will need to be comfortable subordinating.

It’s important to find the right deal that you are comfortable with.

They’re asking that I designate a project manager who would be able to visit the site regularly, but is not the GC.

My advice for you (and my future self) so far is:- be very detailed about underwriting your deal- add at least 30% to what you think your rehab will cost (even if this figure came from a GC)- have a really detailed design concept before work starts (including fixtures/trim/color scheme/etc)- check with your city/township's building department and see what permits you need up front- have more than one exit strategy- add a few weeks/months to your projected timeline- purchase cash if at all possible- build relationships, take notes, and learn lessons along the way- have funGood luck! 

FirstSource and have them price you materials for one of their pre-built designs.   

Here’s a quick breakdown based on my experience:Building new construction gives you full control over the design and materials, allowing you to incorporate the latest energy-efficient systems.

If not and you're comfortable with the current buyer, you can look into owner financing or the lease with option to purchase route. 

My comfortable price range would be between $500k-$1M.I know that under $1M, you probably won't find something new, climate-controlled, or in great condition, but is it true that there's almost nothing worth looking at in this $500k-$1M range?

Get out of your comfort zone.

You won't succeed in real estate if you don't get outside your comfort zone and just make it happen.Good luck.