I am focusing on properties that need rehab since I have a construction background. 

We do mostly new construction, but after the downturn we started doing a lot of rehabs.  

Take Orlando for example.. nearly 5 billion dollars of commercial investment is under construction RIGHT NOW, not including the THOUSANDS of new home sales that is going on, all the while, existing home sales are still appreciating.

Some have an active new construction market.

I have extensive construction experience and hope this can carry me through my first deal.  

Newly constructed community.

SW Florida here:I prefer to buy newer construction 1995 or newer if possible (insurance reasons)CBS preferred over wood frame (huge price increase for wood frame on insurance)Below market---this is HUGE for me.....if the market drops I may not be underwaterA or B neighborhoods3/2/2 minimum in most cases...no 2 bedroom houses (they don't fit the demographics)The deal has to make sense, have appeal to tenants, and pay me to own it.

Her husband and her are too burned out to manage the large project so I proposed that they pay for the construction and I manage the entire project for them. 

Can I begin construction, while allowing them to remain there?

I was talking about POF that accompanies your offer to purchase or like in our market what is SOP is you should have it with your offer.. if you don't and other offers do have one yours will go bottom of the line.... or the seller will accept with 48 to proof up.for us when we are selling our new construction homes.