Buckeye, San Tan, Florence, Casa Grande: they all have an abundance of land for any builder to construct a new house, so the land holds very little value, thus lowering the chance of appreciation. 

Have you done any detailed research on land availability near Sedona, regulatory issues, builders for the type of property you are contemplating, conservative revenue forecasts based on actual comps, cost of a support network (cleaners, maintenance, etc), cost of utilities?

Also approved builders in Maryland for that loan?

For those of you doing DD on builders.

as a break between living spaces.I'm not a builder but I imagine builders enjoyed a little savings by not having to budget for all the additional interior walls, but maybe that money had to go into costs anyway.Open floor plans are nice, but a bit too open for me.

What are some questions we should be asking prospective builders?

You can only play Owner/Builder on your own primary residence.

I know a couple of builders that I might approach with this.

Then, talk with a local builder on options of build.

Attorney fees are paid by the builder.