A fiduciary will still need to be appointed (and possibly challenged), heirs determined, and time for marshaling assets and dealing with creditor claims factored in.

if you have NEVER done a build job or spec i think that financing will be your biggest hurdle.also your cash position is quite weak.. sometimes vertical lender will over look experience if you pay cash for the dirt.but leverage and no experience leads to no deal.. this would be a decent deal for a local builder given carrying cost sales costs etc etc.. how much they would cut you in for finding it and providing a little bit of cash is up to negotiation of course.

What we're looking to do specifically is to find a medium-rehab home, get it for a very good price, then flip it as-is to someone else for slightly more.The challenge is that every single-family home that we've checked out only needs light rehab and aside from that, it's habitable and ready for someone to move in. 

biggest thing i see is too good to be true.first off   nationwide lender  NO lender other that wells or BoA type is nationwide.. 12 state require licesnes to do investor loans regardless of LLC or not if its one to 4 units licesne required.. thats the first tip.I even see that when i go to like the private money lenders conference in Vegas.. guys say we loan nationwide they are real companies but east coast based and don't have a clue that they need licenses say in Oregon CA NV ..

@David Weintraub I can attest to the challenge it is finding a distressed property at a price that compares to prices back in 2014 when I bought my first distressed property.

The biggest deal is we've been able to upgrade our primary home thru flipping and now have a considerable equity in it.

What's the biggest thing you learned from your first deal?

In fact my drive and determination allowed me to list the properties for sale and make some money, as a licensed Realtor, since I've taken on new challenges to think and grow - so it worked out.Now I'm preparing to get into the next deal by building my reserves back up.Keep up the hustle Rah-sheen Blalock and good things will come your way!!!

I also understand that I may only be able to acquire 3 properties in the exchange.Also, getting in a position where I could finance that many at once poses a challenge. 

I spent years doing affordable housing, made a killing at it, but it was extremely challenging.