For path #2, you mean purchase & renovate a 3-5 unit building right?

Three out of my first five purchases were from the MLS.

That ensures you don't spend it on other things and that you know exactly how much you have available to spend on the next purchase.

Best toilets I've purchased. 

I would suggest leasing a commercial space for your business first before you go straight to purchasing a space.

The purchase contract makes the buyer legally responsible for the loan. 

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up. 

This would be my second purchase in the Pittsburg area.

If that comes back acceptable, I set up a "contract to hold" meeting - usually the day after the email since qualified applicants need to be "closed" ASAP.

A couple of months ago, I purchased a property using a hard money loan for $115,000.