@Satish Kethineni - I believe this is more market dependent than nationally.

It will also depend on the ease of selling your lots.  

Keep in mind, mortgage products will differ depending on whether you will occupy the property as your residence or strictly hold it as an investment property.

Depending on your investment criteria, I may know of some areas that might interest you. 

They will vary between location, distance to hydrants, fire department, age of home, cost to rebuild, materials, attached garage or not, etc.PMI?

I agree about friends and business not mixing well but family maybe it depends on the relationship and dynamic of that family and which member of the family chosen. 

To address the type of flooring material, first off, if you want a "luxury impression," stay away from the laminate fake wood.I would consult a local expert, but that said, I understand engineered products--with a substantial veneer thickness that's able to be sanded and refinished--are both functional and comparatively inexpensive to install over a grade-level slab.In terms of color, this is always subjective (and depends on what's going on with the kitchen finishes), but I would recommend a mid-tone finish for a flip.

As many of you know, the transfer taxes vary municipality by municipality.

If so, then get the current owner to get lien waivers from every contractorIf not, I would have a lawyer writeup in the agreement or have $ held in escrow post closing to cover any potential liens (depending on state they have 90 days +/- to file a lien)2.

But it really depends on the bank really on what they will do even with the long term loan.