I would live there while fixing it up then renting it out in a year. 

This means it should cover all your expenses including mortgage, taxes, insurance, maintenance, and setting aside a portion for reserves to cover vacancies, capex, etc.If you can put down 10% and cover everything, go for it.

Question for you experts...Can a tradesperson build their own home in Minnesota, live in it for several months, and then sell as new construction?

@Tina ChauGoogle the county recorder's office for where you live and it will have that info.

Is a DSCR loan something I could look into since I don’t live on the property myself?

@Tim Kaminski, Using the 1031 exchange will allow you to exit your older Pinellas properties and purchase newer properties elswhere that are not as big a risk from capital expense or natural disaster. 

And I lived here a decade before I noticed.

We are choosing new build because A) our family 4 has a certain size demand B)  the price-quality ratio doesn't seem to make sense when considering a preexisting home C) with interest rates being at near 8% with preexisting homes, builders are offering 5.99% interest rates and the exact home we are looking at is about $75K discounted because it's a spec home and the builder doesn't want to pay taxes on it.So, live in it for 5-6 years hopefully rent it out with a fully finished basement for potentially $4,200 in 5-6 years.

So I think they will drive labor expenses lower, certainly, but for the purpose of maximizing profit for the house builders who own the machines.  

. ($125k per year off your last 4 years of living expenses.) but it Seems like a no brainer to sell vs rent.