And always have the ability to fire a builder and pay out for work (which is why you don't want them to front load the contract) in case they simply aren't producing.New construction seems risky. 

In working on construction loan financing, the lender informed me I'll need to unencumber that portion of the property (makes sense) before closing on the construction loan.I understand there to be two methods generally speaking: refinancing my mortgage and removing that portion of the property in the process OR attaining a partial release from the lender to remove that land.I *strongly* want to avoid refinancing as I have an amazing rate, but partial releases seem complex and also require a survey.

One challenge was managing extensive renovations on a modestly priced home, requiring disciplined budgeting and planning.

Sewer issues in Chicago are very common which is why I ALWAYS recommend / almost require my clients to get them done + if there's trees in front or in the back of a property, there will almost always be plumbing issues + needed rodding. 

A heloc can "never" be used as an "Asset" or Liquid reserve both required when you purchase additional rental properties. 

I just want to do things within the law and if a RE license is required then I can certainly get it within few weeks IF NEEDED. 

I understand a fixer-upper would require a lot more work in accurately determining repair costs, finding good contractors, etc., but I think the learning experience would help set me up better for future deals.

A lot of loans require that you already own the land outright before they will provide funding but there are tons of different options.Once you have the funding piece figured out, I would discuss with a builder and try to price it out.

The Seller is required to disclose any material defects and a fire would definitely fall into that category. 

The detectors simply need a common wire such that one goes of, all go off.