I'm putting together my AZ contractor's license application, and I'm a licensed  builder in MA where I came from.I have always focused on quality, great design, education, knowledge, and integrity, and have spent my career gaining valuable experience in almost everything you need to succeed. 

Builders are buying up lots for 700k , building 2 homes and selling each one for a million each.

Start the building process (finding a builder right now in Sioux Falls is difficult anyway), build.

In order to close on the 203k loan, the lender required we purchase a builders risk policy. 

Try to find a  'Builders risk' policy.

One thing I like is if the owners announce who they are... so you can google the principals.I invest in my state ( home builder and lender) and I invest out of state ( 12 different states) I not only build houses out of state I have owned up to 350 SFR turn key rentals all at one time.

I know a builder who does duplexes, but buying one would be so much faster.

Some guys have better cost models and understand that they are contractors not builders and their pricing needs to reflect that.

Find out what the builders paid for them and compare the tracts.

I have a coach through Fortune Builders right now but have not discussed Creative Financing strategies.