The ultimate objective is to sell one of the houses and utilize the second one for Airbnb purposes.While I have prior experience with Short-Term Rentals (STR) and Long-Term Rentals (LTR) properties, venturing into construction from the ground up is entirely new to me.

That's not the object. 

Fact you do make higher returns out of NYC if it fits someone's objective it works but it ain't NY baby!

Another shinny object will present itself.I'm glad I'm went through this. i'm learning what to look out for as i gain experience.

An important question for your strategy has to be- what are your objectives?

Even just walking in and looking at a property there is so much I don't know know about how to come to an objective opinion about the state of the foundation and whether I can trust a contractors estimates or not, etc. 

It's an operating expense that you have very little (if any) control over, and they SO OFTEN make awful financial decisions with your money, and you have very little power to oppose them.Also, it seems like the possibility of assuming such a low interest rate debt might be making it hard for you to look at it objectively.

Isn't that always the investment objective? 

This narrows down the options and helps investors focus on properties that align with their objectives.

In other words, don't get trapped in the shiny object syndrome.