Although, it is making me a little nervous right now at these inflated values and the habits of lenders to give loans to some buyers with low 600's credit scores, low money in the bank etc...  

In my experience your saving habits are way more important than your investment choices but I know other people feel that investing is more about hustle than capital.  

Drew Lamb I don't see any harm in having initial conversations with some folks.

I think it would make it safe by clearing the brush and trees so you could make it your claim to make it habitable through safe keeping. 

Remember if the materials cost is very high then you are effectively asking the contractor to front your costs to buy materials so there needs to be some balance here.Either way no harm in asking for better terms worst that can happen is that they say no and you stay in the same place.Also your PM could act as the “money handler” for you if you trust them though that would be unofficial.

Just google AirBNB Scam or Real Estate scam and you will see many people getting taken advantage of or investors harming communities.

A bad condo association can harm your investment.

It should become a habit and be sure not to forget paying attention to your driving, running over one of the neighborhood kids will not be a good thing.

If you had found an amazing deal in NC and you needed that money for the down payment, I could see that, but to me, there's no harm in leaving your 401K in place until you have a very specific use for it (like that great deal).  

A home would be non-lendable due to its habitability.