I own the lot free and clear (~33k), I expect construction costs to be around 185k - 200k. 

At very least do a walkthrough with an inspector.

@Joe Villeneuve I will most definitely work on this and reply with a real plan, thank you for the constructive criticism, much appreciated!

If you can't realize instant equity after construction don't build.

I’ve seen new construction properties in AAA+ areas get trashed at mind boggling levels.

If thats the case you could get a line of credit secured by your land that will get paid off when you close on the construction loan.

Need a referral for reliable trustworthy contractor/construction crew in the  Dallas and Oklahoma areas?

Traditional mortgages aren't for construction sites.

As someone who used to work in my dad's construction business in NY I can tell you that when you have three layers of roofing and a foot an half of snow sitting for weeks on a roof on an older house, weight can become a big problem. 

Then, get a qualified home inspector in there.