However, my personal residence has a 30 year 5.875 fixed rate.

It is being fixed up to rent right now.The land I have under contract to sell as is with a Quit Claim deed.

If I'm understanding correctly, there are also additional tax benefits to fixing up/renovating our primary residence after we have converted it to a rental?

They delay fixing anything, will repair things that clearly need to be replaced, and are genuinely a headache.

Before contracting on the lot, you should check with the local municipality to verify building requirements, current code requirements, list of required documents, surveys, soil tests, engineered plans, etc.Once you have identified your lot and finalized your estimate its time to build.You or your GC will get the permits.For the final build, there are 2 ways to build, as either a cost plus, or fixed price project.Hope this helps, let me know if you have additional questions.

Dude, Just get him a better toilet/ fix the plumbing. 

Finding off market properties at a discount, fixing them up to add value/equity to them and then flipping them via 1031 and move to the next one.

I gave up trying to fix it.

30 year fixed How did you add value to the deal?

If by real estate business you’re implying you have little or no money to invest but are contemplating using one of the guru inspired methods (subject to, “wholesaling” , fix n flip) to create cash flow, I’d encourage you to do research on the true success/failure rate of people who engage in these endeavors, the amount of money the successful operators spend monthly on marketing, and the real time commitment and knowledge and experience necessary for success.