By the time we get to that stage another 3 weeks would have passed.

@Renee Yarbrough  To answer your question, what are the pros and cons.Pros - at the stage you are describing there is lower risk for unknown construction. 

As I am in the early stages of my real estate career, I also want to build a strong investment portfolio as an additional stream of income.

c) Renovations: because projects this size typcially means we have to schedule, monitor and followup with multiple contractors to make sure proper permits are pulled and work done before next stage started (like making sure plumbing, electrical and/or HVAC done right before drywall reinstalled) we charge a 20% markup.

Qualify ( In the process of a 1031 )What stage?

I am also a local investor in the beginning stage of my real estate adventure.A great resource/meet up has beenSouth Dakota real-estate investor association (SD-REIA) Facebook.com

Would you think places that are currently overpriced, are going to see the biggest correction in our current stage of the economic cycle?

If you get a large enough building, finish it out in stages.6Market locationSeek your higher income areas first.

I like the Album area because houses are still affordable, middle and elementary schools are great, and the park is a big plus for families. 

Complete this now while you both are in the "honeymoon" stage so that there's less confusion later on.Best,