What you can do depends on your credit score and finances. Yes you can purchase a property wrapped into a construction loan. They way they work is that you make payments on the draw portion only. So intially your payments are small, but they will go up as you get close to completion. There is a construction loan where you can make draws that will cover your mortgage payment (well at least there used to be) but I don't know if those program exist anymore. Many loan programs have disappeared in the past 6 months. If you are spread thin, they may not approve you. It really depends on your credit score.