Just as a reminder in addition to the interest rate, amortization schedule and fixed period of the loan, inquire about: 1) Prepayment Penalties (In case you want to refinance in a few years), 2) Possibility of Rehab Funding, 3) Reserve Requirements, 4) Personal Guarantees, 4) Rate Adjustments (i.e. at the 5 year mark) to understand other variables in the loan product that works best for your project.

I personally had one go from $771/mo to $1250/mo.

I drilled a well about 8 years ago and paid only $5k for about 200 feet, pvc cased.

I'm kind of surprised that vendors will keep providing services if their bills aren't being paid?   

I have good personal credit (~730-740), average-high personal debt (mortgage, student loans, vehicles,) and I am employed making $90k/year.

However, I know the current owner paid $450,000 six years ago and that it appraised for $650,000 two years ago.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

They get paid.

In order to undertake a new build I would have to personally know the builder and be comfortable with his work.

You can have multiple policies on the same person.