I think maybe a variation of #2 would be viable, find land that has a hunting cabin/shack trailer that is already with utilities. then build when materials come down.
We want to move out to get more land and have a shop also. But our house is paid off in five years. Seems better financially to wait until the market is more neutral than a sellers market. So we can find what we want and not pay $40K over asking without having an hour to mull it over. Then lose it to some asshat that bid $40.5K over.
The way I'm looking at it is, low interest rates is the time to move. If you sell in a high market you are going to buy in a high market, Buy low sell low, but if the interest rates are high you'll pay more either way. Find a place that needs cosmetic upgrades not a complete gut, and make some money by ripping off the paneling, wall paper ditching the shag carpet. Then make it "clean" and presentable for the next buyer. Little investment decent return. Housing prices will probably settle, but I'm not 100% sure it will drop much in a year or more. YMMV
