Not because of the financial analysis, but because you are going to learn along the way.

When applying for a loan for new construction, banks typically look at your credit history, income, and assets to determine your eligibility.

Always be willing to walk away, or, if you really want it you're going to likely pay above what makes the most financial sense to you based on pure math. 

Not financial advice. 

Anyone from the forums here is going to give a "best guess" because you're not going to post all of the financials/details/documentation that you'll need to turn into your lender to make the decision.

Something I recently spoke to my wife about is the chance that her parents (who are also semi-retired) might be interested in contributing in some way to this endeavor if it made some financial sense.

@Victor NguyenWhich asset to buy will depend on the rents you can get in the area.

The idea is to get as much as possible using the equity and pay the rest with our income, with the goal of long term wealth building for financial freedom.

I already told her bank has first lien, you can’t just go and knock down their asset.

Lower of cost or market for determining the basis is also the correct way to treat a personal use asset being placed into service for business purposes.