If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

In order to undertake a new build I would have to personally know the builder and be comfortable with his work.

If you have cash, know that 99% of wholesalers will have low repair values and high ARVs that don't match the actual data or upkeep of the house.Also, ask if this is being daisy-chained, meaning are there other wholesalers or investors in the line between the person offering you the deal and the seller.

I personally would approach this with a self assessment.

This is why a machine cannot calculate for the irrationality of a person buying a house over value because they like the cute garden. 

like - your own market. or a market a couple hours away that you can spend some time in person in. or where you went to college. or where you like to vacation.

I am not a market-timer, and a time in market person so just for folks calling that out that is with this considered.

Local and state laws are changing on the daily so I think that the right Property Manager really helps with that but hiring a PM or self managing is always a personal call.

For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, 'This person began to build and wasn't able to finish.  

You want to be able to select who rents your house and how do you know the person they sublet to will pay the rent and take care of the place?