However, in some cities, getting work permits is difficult and slow so it can really hurt the investors' timeline through no fault of their own.

Best regards,Yaroslav @Yaroslav Shtogun what about a slight adjustment to the property line and executing a no build easement so that you're achieving the purpose of the setbacks?

No- I do not.

Quote from @Russell Brazil:  yep that does it, we lost our home in 99 in an f5 when I was younger,  no close calls recently in OKC though,  also seems like tornado alley has shifted a bit to the east but who knows.

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

I feel that no matter what I do, I’ll regret not doing the other.

I started at age 20, dead broke with no experience but hungry with lots of time on my hands. 

At yet another sale there was a brick row house/town house for sale that looked good from the street, but since it was in the middle of the row, to see the back of the house, you had to walk around the block and see the house from the alley, where the entire 3 story brick back wall of the house was laying in the back yard, and there was no back wall standing. 

I am no expert and just do what I am told.  

No management costs as it would be self managed, and estimated property taxes by the average of the past few years.