Usually a Land Loan is 50% of what exists- and you need a verbal nod from planning that septic, curbs, gutters, utilities, especially water, and the size of what you plan fits the neighborhood or general plan.A construction loan on land is a different thing.

Just wanted to check opinions if it's going to be too small or should I just do decent size 1 bedroom with living space.

@LeRoi De-Souza-  you are not able to use a FHA loan for a rental property purchase ....depending on the size of the  property ( 1-4 units ) - you should be able to get a conventional loan ....85% ltv  is possible for a  1 unit  rental purchase ...get  formally  pre approved so you can  get orgainzed and  prepared 

Use this to determine your deal size.  

There's no one size fits all when it comes to midterms.

Three pages sounds too heavy for a rehab of that size...

Somethings that newer investors don't think about but should be addressed int the OA is what happens to the upon death - who gets the company, is there portion bought out by the other owners, at what price, what happens when one owner wants to sell, etc.

This affords you 2-3 properties using a portion of the $400K you have and the rest to hold onto for reserves and to stay cash fluid.

We’ve put silicone sealant along the walls of the portion of the house that is affected all the way to the foundation.

Which tempts me to tell everyone to put their real estate into S Corps, because you might save on the Health Insurance portion of SS taxes