If you take that same ambition to real estate, there's no way you'll lose. 

The results of investor’s losing their money may not be any different no matter which “level” above is involved.  

It's definitely a frustrating part of the business, especially when you're trying to maintain cash flow and unexpected repair costs pop up.One thing I've learned is that some of the more real estate investor-focused insurance companies tend to be a bit more lenient on inspections or are more upfront about their requirements before binding the policy.

I have no real estate experience, but I am looking to venture into it.

Get a lender, enter into contract, close escrow, enjoy your new home. if you have less than 30 days, you would need the seller's cooperation to contact the foreclosing entity to see if they will postpone to give you time to close the deal. it's not guaranteed and the lender is under no obligation to do so but if everyone wins (seller sells, lender gets paid off in full, you get a home), most lenders will provide a small window of time to get it done.

I'm also wondering if anybody knows the costs and rules for bringing in water and power to a piece of land in these areas, I know it's different for each property but is there any possible way to get estimates on bringing in water and power to a piece of land I want to purchase before actually buying the property so I can create a general budget for buikding a home.

But there's no way someone in OP's situation needs one that costs $5k.

That's a no gooder man.

Cost overruns, who comes up with the money, how is return effected? 

No one really talks about this but they should because a lot of people get stuck buying a new fancy home and then in 12-24 months they are under water.Again not everywhere but in a lot of places where you see a small phase of builds go up and then it’s off to another city or county.The other thing that is not talked about much is home prices if the home price is under say $200K the builder loses interest.