In the summer there is about one or two weeks that temperatures are over 100's but dry and mostly comfortable.

Although this "seems" to be a cut and dry deal there are many ways this could go wrong if a person is taking the necessary steps to execute this deal just right.

If you own the lots, and you can get the house 60% built - meaning it is dried-in (correct my spelling or misuse of this term, as needed) - then you might be able to go a local hard money lender and do a cash out refi to finish the project. 

I think this is a great way to look at things....I am not sure there is a cut and dry answer to your questions though...1.

Set your criteria then when a property meets your criteria, pull the trigger!

Most of the rentals have been owned for a long time and sales based on current income will trigger ridiculous property tax hikes.  

I have not pulled the trigger yet on an OOS investment, but have been trying hard during this pandemic to find deals and stay ready, hoarding cash.

I have been around real estate for over 10 years and have not pulled the trigger and finally the trigger has been pulled. 

Hi everyone, after many years watching other people investing in real estate, finally I pulled the trigger.

Most of the rentals have been owned for a long time and sales based on current income will trigger ridiculous property tax hikes.