I would buy a lot, build a new home on a construction loan and then refinance it on a permanent loan when house was complete.

As a contractor my, and many others lives were permanently changed.

@Samuel Metcalf- sounds like you have a FHA loan as  PMI is permanent in most FHA loans ....I would ask  the bank that holds the loan for  refinance  options and then shop around to see if there are  any refinance options that  make sense ...if not - live with the loan you have  but be  ready to refinance  when rates drop 

That's what it comes down to, for me the home is on a permanent foundation and the comps around it are fantastic.

If it's permanent, use smart camera system like described above.

It will cost money and effort to get rid of that stench permanently.

Once you are prequalified, that will tell you how much you need to come out of pocket, what your permanent loan will be, and other things that will be important to the deal. 

When you're looking at new builds make sure you check to see if they have a preferred/internal lender and/or an interest rate buydown available, which can really change the terms of the deal. 3 months ago some of the new construction companies in my area were offering permanent 3.5%, 30-year interest rates and up to $80k (10%) off of list for using their lenders.

If I could do that, I might get the property for what I'd originally intended, plus the owners would get some badly needed money instead of a big fat NOTHING by losing it in the auction.  

Currently seller financed at 5%, we will be looking at permanent financing after the renovations are done and we have it rented.