I know entrance into the Property Management industry is not something that should be taken lightly, but I plan on treating all properties strictly as business and this part of the puzzle huge for my overall vision. 

At best, you should hope to break even after mortgage payment and owner-paid utilities. 

New construction costs can vary on several factors - land development, total sqft built area, on-site/off-site utilities, retention/detention area, covered/open parking, type of foundation and the list goes on.Do u have all permits from your City/County?

That alone is about 15k to get utilities to the other lot.

The utilities are worth 6-7k

Any utilities?

The reason being is that one of the option for reducing taxes on active income (such as flipping) is by utilizing an S election...which is an election made on an LLC. 

I have never owned a home, so I have no real assets to put up to be approved finance through a hard money lender. so my question stems, should I use a FHA  loan for my fist investment (and home) for a buy and hold property , and then later utilize a hard money lender for additional Buy and hold investments?

The owner estimated the costs, utilities, maintenance, and repairs to be approximately $35k per year as he pays all the utilities for the tenants.

I'm just starting out in the business side of this industry and am getting ready to make contracts or find a source for them.