Much cheaper in the long run from my experience.

Tearing down is cheaper than what people think, Pretty sure your cost is are around $5-6,000 (used to cost me about $3500 in the 1990's) Small banks work with the kind of small Builders you need, find a local community bank, gets some names from them.

In the case that it is cheaper to insure your dwelling on a company other than State Farm, you can get an umbrella policy that will cover your dwelling on X company and your personal policies on Y company.

What to look for in an area if you want to get cheaper property away from main cities?

You landed on the right place to start your investment journey, There several reasons why El Paso, is a great market for us real estate investors, to name a few:The Cheap Real EstateThe average home in El Paso costs around $130,000- $150,000 which is 30-40% cheaper than the national average, $225,000.Large Military MarketAny city that is home to a military base will be home to a large population of renters.

@Kirby Davis You're 100% correct - you want to capture the cheaper financing under your personal name, which is exactly what we've done.Speak with a local attorney but I purchase in my personal name then transfer the deed to LLC or Land Trust. 

Getting the rent a bit late and making more ($50 is late rent fee) is a lot cheaper than vacancy and turnover cost in addition to the uncertainty that the new tenants bring. 

It's often cheaper to do the eviction earlier, since the eviction will always cost X, but the further behind you get in rent collection is often money you will never be able to collect.  

I didn’t care what he listed as his insurance cost, my agent gave me a quote ($1k  cheaper than He was paying!

I do understand completely what you're saying but he's only $2k cheaper than the other two quotes so not a huge amount and all the electricians I've contacted have come from trusted referrals from people I'm personally close with who also own properties so I can trust the work.