The old adage "Buy Low, Sell High" is in play here. 

To keep the conversations flowing smoothly and fresh in my mind, I practice my dialogue with sellers when I’m in the car alone, at my house, have my girlfriend role play as one etc.

A percentage of estimated construction cost is fairly standard.

To play Devil's Advocate, I heard similar headlines about Phoenix in '05 and '06. 

It’s fairly common for me to be asked what I’m willing to pay over the the phone.

This would be a buy-and-hold play for us. 

Can’t play the game without understanding the rules.

Renters insurance is fairly inexpensive in most parts of the country costing something in the neighborhood of $10 to $25 per month (some big cities can be expensive).

I know the margin might not be great, but we're willing to play the long game on this part of town. 

Now, saying all of this, I would only move forward if you plan to stay at that location for at least another 3-5 years as your primary residence... better to play it safe with a high investment then to lose it all once the economy flips again.