Be prepared to show stable employment and income history.Developing an Investment Plan:Market Research: Understand the local real estate market, including rental demand, average rents, and property values.

So about 1,100-1200 monthly expenses after groceries and other miscellaneous things I’d say.

I know it's talked about all the time, but I recommend people leave their equity and focus on increasing income, cutting expenses, and saving for the next investment.

LolIn my area, the average real estate commission is $25,000.

It would be a good project for a custom builder, but I would think that the guys who are building big expensive houses would probably just want to buy the lot outright to keep more of the profit (understandably so). 

Although I wouldn't recommend a 10 year career professional to dive head first into Real Estate and quit their job on a whim, you're in a position where you have your entire life in front of you and likely have yet to incur debts that need to be paid and other real world expenses.  

You should use either LLC’s (the old and expensive way) or a Series LLC (the new and more cost/time effective way).

Or into multiple smaller properties.Many of our clients are 1031 exchanging from older properties into new construction to get away from capital expense exposure. 

How are the major potential expenses of the house looking (AC, Roof, Plumbing, Electric)?

Median age of 36.4, ~21.6 min average commute to work, and bit more than 10,000 veterans locally.