Doctors, and plumbers, are specialists in complex and very important fields. 

When there is a lot of uncertainty, a lot of fear, if you can think objectively and still have dry powders (cash is really king at these moments), you will make tons of money, and you will realize how profitable your decision could be years later, just like me.I’m not a handy person, I also had a full time job then, I didn’t want to deal with houses or tenants either, so I could be the last type of people who will be investing in real estate.

Avoid the "shiny object syndrome" by narrowing down your niche as soon as possible.

My contractor, who is also a friend, has built the exact home for $160,000 and I'd list it for $250,000.Assuming I purchase the home for $135,000 and sell the new house for $240,000, I'll lower my monthly mortgage payment by $404 (incl. ins. and tax), have $70,000 equity in a home worth $225,000, profit $507/mo. from renting that home (meaning I'll have $911 extra each month), another $10,000 equity in a home worth $140,000, and gain around $55,000 cash.Any objections or advice?

I have a good remodeling specialist and a good realestate agent and mortgage broker as friends though so the nex step is just figuring out funding and going for it!

Basic for would exclude much more than that and are often disguised (the agent's selling basic form hope you are more concerned about cost than coverage, and many RE investors fall into that trap).On a basic form you would lose Weight of Ice and Snow, Falling Objects, Water Damage (Think broken pipes), Collapse, Theft and Risk of any other direct physical loss not excluded on the special form policy. 

Mold doesn't grow on inorganic objects.  

Larry,I would think it would be based on a few different factors, mostly what your RE investment objectives and style are.

Head of Lettuce Business= No competition, very easy to get, no objections from the Seller.

As mentioned above by @Joel Owens he/she should be a specialist, not a generalist2.