@Armand P.Consult an appropriate attorney (I'm not one).That said, understand: an LLC alone only offers a single level of protection.

Will this be considered new construction if I level the entire structure?

I just need to mark level ground along 200'.  

I have been a member of BP for about a year now and I have learned a tremendous amount of information your average mom and pop investors never heard of or thought about before, and  think that is what separate's the different levels of success there are in the real estate business. 

In CA they require 4 years, they do recognize the education, if you have engineering degree or what not, in that case you still have to get 1 year experience in the trade, maybe not really pounding hammers but at least a supervisory level.

Personally I would take a portion and use a few lenders to do multiple rehabs and flips and then loan the other portion of that money so that way it can multiple faster

Which quickbooks price level do you use?  

Once you add these guys up, I think you'll be down to a more realistic cash on cash return level.

I have property investments in Indy, among other places, and I can tell you the price point you are looking at of less than $50k with that rent level can have a lot of problems.  

PMI was created so that lenders could offer higher LTVs (which means lower down payments) while still keeping their risk in the deal at tolerable levels.