One pitfall people do at this stage is buy a home to live in which can be a potential financial trap on your journey to wealth. 

Explain your intentions to the seller and tell them you'll get them their asking price. 2) Get it to cleanest sell-able condition with minimalistic staging 3) Put out an ad that next Saturday and Sunday there will be open house with open auction and the place will be sold to the highest bidder on Sunday evening.

If you are at the stage of your life that it makes sense house hacking is your best bet. 

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

They should have GC leads for you in case you want to go that route.In our strategy, we usually rehab the house to rental ready stage at the acquisition itself. 

@Corazon B.Everyone is in different stages of life.

The newborn stage is a little rough but I guess we'll get through it if you guys have SIX TIMES! 

I'm still in the infancy stages of my REI journey. i've been attending many REI Meet ups and seminars and have been meeting some great people!

I have my best estimate of costs1)land purcahse2) soft costs3)construction 4)loan interest5)closing costs6)sprinklers7)elevator8)transfer tax/taxesand there are missing items which were answered earlier in this threadand yes once I have plans I plan to do all that, but im not at that stage. we just finished the first iteration of the schematics, now my architect is working on the facade, and so on....but yes I do have a partner/cosultant he is a GC who has built many many homes.  

But it sounds like you're in the beginning stages of your search and like others have mentioned above, most if not all you need is right here in terms of resources.