I am looking, specifically, at using the 203(k) loan program through FHA for my first home purchase, and I am doing research as to what exactly that process would entail, or whether there might be a better option for rehabbing my own first purchase, post-closing.I live in the Maryland suburbs of Washington, DC, and am originally a native of Baltimore, MD.

To this end, I will have multifamily designs that  I will execute in specific markets as a proof of concept, for both the viability of construction, as well as my ability to manage and maintain a multifamily asset. 

Main difference is I'm about 8 years earlier than you on the real estate journey line.If you see me at the Meetup @Kevin Fox mentioned, please do say Hi ... or feel free to reach out if you have any specific questions you think I could help with - I'm by no means the longest running B&H investor here, but can provide plenty of opinions and actuals data based on various types of property in the area south of 52, north of 94, and west of La Mesa.Good luck!  

Are leasing fees typically a certain percentage  of gross rent or  follow any  other criteria?

Would love to hear more about your experience in general; specifically though with your experience buying from overseas (buying long distance) and managing those properties long distance.

I am feeling confused where should I buy the land (urban or rural area).What are the criteria I should look for before buying a land to avoid it from becoming a white elephant.

Unless contractors contract has a specific time of completion, you will most likely not get anything...remind the contractor of future work possibilities!

I need to buy one property before the end of the year and 4-5 next year and right now I cant find the one.... so like I said, there are a lot of assumptions, probably the biggest is property availability which meets your investment criteria. 

From the lessons learned on my first property, it took me forever to purchase the second property because I had a very specific criteria while relying on only 1 source for deals (MLS).

Send me a PM and I can help you with more specifics.