Thank you for the feedback, helps a lot!

Holla if you need help fleshing out your dream.  

@River Sava may be able to help you as well for financing options.  

The most helpful reply yet

If you can manage a house-hack closer to home that helps you build equity and net worth, while demanding a minimal down payment, I personally think that’s a better option.

Since I'm not familiar with the area, looking for any info that will help me make the decision to purchase or not.

Thanks all for the help.  

Despite good valuations on the appraisal, traditional banks were only willing to lend construction debt 70% LTC because of the commercial exposure with a 4% year one pre-payment penalty and an interest rate of 9.5% as most bank construction debt is currently priced whereas I had an alt. lender willing to go to 82% LTC at 12.25% interest and no pre-payment penalty (the contract price was $1.73M and appraised for $2.1M which helped with the leverage). 

We still need to send the business plan to one of the private lenders who we have been talking to and who has been giving us pointers helping us along the way as we are new Real Estate Investors. 

The foreclosing trustee might be able to help you.