I'm sure if varies, but I just want a range to help decide what to do.Land is in Pilsen.You are correct the price can definitely range quite a bit depending on the size, finishes, rough materials, location, etc. 

If you do a risk assessment of the area, property and likelihood that you can collect rents easily, then you should be good.I have about 25000 saved up and I'm living at home for free how much of that should I spend on a property or save. 

But you can offer a "buy out" agreement to the tenant, and yes, 2 months' rent value is commonly seen.

We are planning a move to be closer to family and are looking at whether to rent or buy given the current market.

Withdrawal Scenarios:Scenario 1: Withdraw everything today at age 40, resulting in a 35% loss to penalties and taxes.Based on the little information, I think you are under-estimated how much taxes / penalties will be taken out.Your profile mentions you are a resident of Brooklyn which is located in NYC.NYS / NYC taxes is taxed at around 10%+ for middle income earnersPenalty is 10% at the federal levelFederal taxes for middle income earners is 24%Given the 3 numbers of 24% + 10% + 10%, you are closer to 44% instead of 35%If you are above a middle income earner, the tax rates can behigher.With that said, I took out all my retirement income and put it in real estate.

In one case, the client lived in a small house on his parent's land rent free.

And there are certainly large margins to be made.. the big builders in many markets want lots in real time they look for middle men to bring them to them.. in our Market here in PDX where they are located there are a few of them..

Came across this interesting Build to Rent(BTR) concept. 

No, absolutely don’t rent to them.

@Miciah FurbayBuy a primary residence in a good area using a 5% down payment convention loan, don't max out your DTI, in 12 months buy another primary residence with another 5% down payment conventional loan and start renting out the first one.