@Allen LiI just got a single close construction loan that rolls into long term financing. 

I will be closing on a new construction property in Texas roughly at the end of August 2021 in Conroe Texas.

And if you move from land to constructed building you will gain depreciable basis.

Then you can convert to condo later although I do not know how much time and what costs would be involved.Before Covid, I would have said converting the free standing garage into an additional unit would have been an easy decision but the returns now do not seem as great since rents in San Francisco are down about 20% vs last year and construction prices have increased...Still, I think the free standing unit could have a lot of appeal for many renters and should add value over the long run.Hope this helps.

The comps in the area are good , renovated houses are selling for 900k and new construction homes for 1.3m to 1.5m.My question is ?

Save the big money you will make and bank it up so you have a giant stash in 2-3-4 years to start making some great cash offers.If you are more of a paperwork and office guy....you should still go and work construction, but if you 100% refuse, go work for a title company or a lender or a hard money lender. 

If your goal is to net $1,000 a month and that means the property needs to be purchased at $X then you are good to go.If you get some construction loan there is going to be an appraisal anyways that can be used as a renegotiation tool if necessary.

Usually when you take over a property, you have to catch up any outstanding balances from mortgages, taxes, construction, utility or any other lien.

Construction cost is a major concern as you pointed out.

Seems like a big undertaking for a new constructions... is the location so perfect that it makes ROI sense to build there?