I appreciate input, advice, constructive criticism, ideas, etc.

Looks like you have the landlording part started.I grew up with real estate: so the understanding the market is ingrained from following my mom by watching her.I read a lot of investment book, majored in finance, did bookkeeping..Worked as RE agent for a few month (Asia)What I didn't know was: flipping : had to do one to understand Land lording: my flip didn't flip so learnt land lording on the fly Buy/selling: learnt each project from everyone involved from seller/buyer to inspectorsFinancing: learnt on each project just by talking to brokers/mortgage/bankNew construction : chose to work with builder on live in flip.

Construction costs @ 1.4M.

It is on a block where there are all new construction homes and only his old house with the 2 connecting lots.

My first job out here was driving forklifts on construction sites making just $2,000/month.

Actually Ben is right on point, No experience in construction you would need to come to the table with at least minimum 50% -60%.

Purchase $1Mil, Construction estimate $1Mil - $1.5Mil, so total cost $2-2.5Mil.

Purchase $1Mil, Construction estimate $1Mil - $1.5Mil, so total cost $2-2.5Mil.

And I know relatively little about the construction process (which is in and of itself a reason not to get involved with building), so I'd have to hire an outside GC or custom builder to do the job.

I bet with your experience you can offer a lot of great advice on construction!