To run the background check, credit, etc. do I just need an id?

Additionally, because it is a new construction, it is taxed as raw land for the rest of 2024, which will only be about $30-$40 of taxes for the remaining seven months of the year. 

Assuming I own the land free and clear (value, say 800k) however, do you think that I could get the construction loan myself (I have about a 750 credit score) and just hire a builder to put it up, using the land as collateral for the loan?

This way, the seller gets 87k in hand, won't pay nearly as much taxes up front on a huge cash sale, will still be generating about the same amount of income as he is today, consistently for 20 years without the headache of managing it or insuring it.  

Their 10% cap rate valuation was even less than the town’s market appraisal to determine property taxes.

TIA There are 15% down options assuming good credit.

The higher your credit score and the more experience you have, the better your rate will be.

There is no need to set up an LLC, but get your business registered and open business accounts and bank accounts for later lines of credit.