Do not do it...there are too many variables and then too many good completely remodeled homes out there.
As a licensed contractor who has rebuilt numerous reisdential and commercial buildings- even for me rebuilding at this stage is a one way battle up Mount Everest.
You will not be able to finance any building that is not completely remodeled, and the insurance will be very high...it will be builder's risk insurance...plus the bank will make you get flood insurance no matter where it is located in Orleans Parish.
If you still find a way to get a gutted home, expect to have all the wire / plumbing / and . or ac stolen at least once after they are installed...and even with insurance, the real thieves are the adjuster's who will not give you back all the money from what was stolen.
All the banks are going to require the equivalent of 30% down...no matter how the numbers are twisted when you intially talk to them.
Your best deal is going to be a remodeled home or condo...email me and I can show you how to leverage your money to get eiher