About 50% of stuff on Realty Trac is out dated or incorrect.That is not the place to go to look for deals.The pre-foreclosure data the property showing is either under contract as a short sale,the owner did a trial loan mod,the owner has a permanent loan mod,or they filed bankruptcy,or are doing a DIL (deed in lue of) back to the bank.Properties showing in foreclosure might have already sold or not even be listed yet.All Realty Trac is for is to take your money in monthly fees for ACCESS to information that has little value.You want REO's the SECOND they are listed and hit the system.For that you want a broker/agent scouring looking for the deals.You as a home buyer looking for the deals so are thousands of others.When a deal comes along you have to act fast or you will lose out.Good Luck

Between the possibility of value being there to pull equity out and reno having higher interest rates,  HomeStyle rarely ends up being permanent financing. 

I had close to 19,000 of my own money tied up in the land, clearing and grading, and closing cost on the construction loan and permanent financing.

I would highly suggest that you find a mentor that can help you get contractor pricing and their attention when you trying to build your home - mistakes can be VERY expensive when building a home and subcontractors typically have no patience with inexperienced builders.Concerning the funding, you need to check around with banks and mortgage brokers who offer construction to permanent financing.

I don't know if that will be the permanent location.  

They will likely come back with any questions about the house and we can get them addressed before its "permanent".  

Nothing is more permanent  than  something done temporary .  

Those are not permanent.

Take one of the units out of the rental pool and make it the permanently staged unit.

There's a "take" mentality over a "give" mentality ... and comparatively few people establishing community, building permanent relationships, and investing in the people around them.