The US is a market that can for almost any investor with the right team on the ground. 

If not, you want to consider a standard construction loan (or see if you can phase-in your hard money loan) so you can take draws as you need them. 

Cash invested: $200,000 Sale price: $242,000 Wife and I built our "forever home" from the ground up. 3 bed 2 bath 2,500 sq/ft w basement.

We did our training in both areas and have family in both areas that could be boots on the ground for us. 

Congratulations on making a jump toward the next phase of your life.

It sounds like you may already know all the restrictions to buying with cash so if so, then just skip to the 3rd section which is the solution phase.  

Ground water seeping in probably would not meet that.

Timing the market means adjusting your investment strategies to maximize your returns and capitalize on opportunities best for the conditions of the current market phase.

I'd get started on the planning and getting bids phase but I would still hold off until the Deed was recorded before signing the final contracts and having your guys break ground.

Ive been doing a ton of research on the area from its grow in the past to where it expected to go in the future but to be honest I just wanted to get some feedback from some of the real investors who are actually there with their boots on the ground.