Since my partner and I are fairly new to investing and owning property we are in the process of a few things... 

My concern is with vetting the title company and wiring process, not with the deal itself. 

the cost to #3 is high because of engineering cost, permit process and licensed contractor construction costs.

It is required for properties located in federally designated flood areas.foreclosureThe legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.

I’m in the process of putting together an investment team to find, buy, fix and sell properties in the Spartanburg/Greenville area.

It sounded much less personal. here is the post https://www.biggerpockets.com/forums/92/topics/468304-roofstock-case-study @jason gines took the time to layout his process step by step.

Real estates is a very slow process to be rich.

Give me your thought process behind paying down Property 1? 

I typically like to do at least 60-day notice and let them know I am trying to make the process smoother and don't want to put them in a pinch.

Another peice of advise I can give you about lots is to be ready for the curative process.