It also gives you ample time to season the deal and find a bank to refinance.

You can always refinance after the required seasoning period to get out of PMI.If you want to maximize your dollars, consider the "best use" principal.

Isn't monthly income seasonal too?

My wife loves being a homemaker, talking to her mom on the phone, shopping, and having fun with the cats and decorating the house for the different seasons.

The property has been used as a vacation rental for about 4 1/2 years and cash flows, so I have paperwork I can show the bank that I think would demonstrate "seasoning."

For others the seasoning period is shorter, like six months.

Profitability on spec houses has a lot to do with speed and efficiency in getting it constructed and then turned.For either route, I suggest focusing on smaller, local builders who are experienced with infill building and, are seasoned in the town these lots are located.Good luck to you!

Hey, how about the concept of the no seasoned mortgages by small portfolio banks which is a great tool! 

I would definitely be open to locating deals for a seasoned real estate investor if given the opportunity to learn.Thanks for reading - I appreciate any advice or feedback that you can offer!

Sometimes being young and enthusiastic is enough to get noticed by seasoned investors.