And the basement had about 2 feet of standing water.

Nonetheless, my feet are officially wet. 

A few things happened...1) The bubble burst. 2) My money partners weren't used to that market's prices and got cold feet, then went away. 3) As a result, I lost my source of income and had to scramble, putting real estate aside until further notice.Fast forward 10 years. 

These are typically builders grade homes with 2-3 beds and 1-2 baths.I am looking to start turnkey to dip my feet into a market, but eventually would like to get a team started in a targeted city.

This is for small balance commercial retail which might or might not fit on your land.You could have an acre but it is a really weird shape than a standard rectangle or square which can make laying out a site plan that works and is profitable for  a developer difficult.

It is a SFR with 1650square feet and 3bedrooms and 2 bathrooms.

my first thought is if that is the entire amount of your savings.. then your undercapitalized to do anythingyou may want to look at some of the crowd funders that take 5k investments. you get your feet wet.but your not risking major cash calls like rentals and fix and flip would do.Plus I have a hard time thinking if that is the extent of your cash that you could get a loan from anyone.. they will want down payment  usually points and fees  closing costs and proof of reserves of at least 6 months.

Regardless of it being included as living square feet it may NOT be excluded from use by family. 

Hey Anthony, we use Regal Title right off the square.

Example would be if each unit must have 3500 square feet of lot size.