Not my plan.I have been searching on Zillow to get a feel and in hopes of a house on foreclosure, but doesn't seem like too many options.I haven't read exit strategies yet, but I'm gonna be in deep trouble if I don't find a tenant.By the way I started reading up on all of this 2 days ago.

Most personal finance pundits will tell you that if a purchase does not produce income and depreciates, it's bad debt.

Select the design that s/he and you feel is most appropriate for the marketplace.The next step would be to have the architect produce a set or working plans to get bids for construction from builders.I'm not a residential developer but I've done a lot of the above in commercial projects.

But why should YOU go to the trouble to resolve this issue, when clearly they have an issue on the credit report, that needs to be resolved by them. 

In a different post you mentioned having trouble with Jason Hoppers.

You want your investing not only to produce money for you but also quality of life.

some newbie agents will do this for experience ... top end producers will not.. unless they set up an assistant to do it.. and if your just acquiring it would be harder.. if your acquiring and then fix and flipping and giving list backs well that's another kettle of fish all together along with price points.

If you find a real deal, you won't have any trouble selling it to an investor in Houston or anywhere else.  

I don't think I'd have any trouble renting it in my area.

sounds like your there did your lawyer also council you on the risks you run subordinating your interest behind a construction loan.. and that you could be wiped out completely if the market went against you and or the builder got in trouble through the process.these are not likely to happen.. but lawyers should be talking about what ifs  not coaching you on what a good price is..if for some reason your developer defaulted on his construction loans do you have the wherewhal to cure ?