But if costs are high or demand is uncertain, holding onto the land while monitoring the market might be the better play.

Just understand that you'll need to manager the PM, so you can't be completely hands free. 

If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time.

One downside to not having a 20% equity hold, per my attorney in Illinois, in the event we miss a payment (we haven't and hopefully never will) the owner is able to actually use the eviction process rather than a true foreclosure. 

An ideal world for me would be to find a salary or hourly full time position with minimum 55k a year in Arizona so I can learn and also make enough to get approved to buy my first property that I later want to rent out and hold long term.

Investment Info:Single-family residence buy & hold investment.

Since you’re focused on buy & hold multiplexes, consider networking with local investors, refining your underwriting skills, and researching markets with strong cash flow and appreciation potential.

When reaching out, it helps to offer value in return—think about tasks like checking on properties when they can't, delivering materials, finding reliable contractors, or even handling basic project management tasks.Building genuine relationships and showing you're willing to contribute will go a long way in earning their trust and gaining hands-on experience.

Some documents require “wet” signatures… meaning hand signed.  

.: Investment Info:Small multi-family (2-4 units) buy & hold investment in Columbus.