We are currently in the position that we would like to buy land (2-5 acres) and build around the $350-$400k range. We currently own one rental (Value $90k loan $36k, $350/mo cash flow) and have approx $45k cash to buy...

I had some work done in my primary home and while they were here we had some good conversations on investing and contract work.

Of course, this only works if Craigslist is a primary source of listings in your area as it is in mine. 

We have great homestead protections for your primary home and up to $60,000 of personal assets, as long as you pay your taxes and mortgage nobody can touch it.I'm sorry to hear about the loss of your friend, I know that must have been tough for all involved.

I have bought and sold homes before but only for primary residents.

I was in a similar situation when shopping for a primary residence, not investment property, about 12 years ago.

I kind of fell into the rental business by renting my primary home as I bought another to live in back in 2007.

If you keep the rental in your own name you will need to change to a landlord policy you will also need a professional review of your primary policy and if you don't have a personal umbrella policy you'll need one of those too.

@Tinu Matthews Will you be using this as an investment property or a primary home?

J, my primary mortgage that I obtained at 3.875% before the rate hike I can now obtain fee free from 3.375-3.5% as of today but too bad I cant refinance for 120 days so I am sitting on the sidelines watching all of this play out.