Each scenario would change how much each person could pay for the land to make it profitable for them.  

Not only that, but you'll have to also pay interest only payments on the loan while the property is being built as well.

Now you need to figure out how to find deals and pay for them.

How did you pay for the down payment, holding costs, and repay the contractor?

Also in my market owners pay the water bill. 

Obviously I don't want to cash out refi and start paying a loan and then wait for an opportunity.

@Scott Eadieunderstood - that's way above my pay grade since I don't know you or anything about your background or financial situation.i still recommend a house hack whether you have $10 or $10M.

Now, please pay close attention.I quote:I’ve done thousands of deals and built a great life.

I did a few and someone turned me in :) and sure enough I got a cease and desist and had to pay a fine and spend 20k creating what State of Oregon  calls a Real Estate paper offering !!.  

When the owner sells, you pay Blanket a referral fee.