In article .com,
I honestly don't know alot beyond general house repairs and
construction, plus what I've read in Handyman Magazine and seen on
television, but I'd like to think if I spent the time it'll take to
pay off/down the properly I can self-educate myself to contract the
house myself and save some money... plus possibly get involved in
building the house to some degree to cut corners.

Is this common to do or maybe majorly not suggested?

This is not quite what you wanted, but sort of on the same direction.
At this custom house builder:

http://www.armstrong-homes.com/customhomes/index.html

they have a program that might appeal to you.

(NOTE: I've never dealt with this company. I simply found their web
page when searching for something, and recalled it when I saw you post).

Perhaps someone in your area has a similar program. They talk about it
in the FAQ, but before I get to that question/answer, let me give
another, since they use the term ArmSystem in their answer, so that
needs to be explained first:

Q: What is the ArmSystem(TM)?

Armstrong has been building quality custom homes for over 50 years.
Blending your budget, property, and design to give you the very best
in custom building is what the Armsystem is all about. The entire
project can be handled by our trained professional staff, from start
to finish, including all those special little details that makes
your house your home. A home that not only reflects the outstanding
quality framing methods of the Armsystem, but also reflects your
taste and lifestyle, just the way you want it.

ArmSystem is built in sections at Armstrong's manufacturing
headquarters in Auburn, Washington, using the Off-Site Construction
Method. Then it is installed by the Certified Professionals to
ensure the industry leading warranty up to 10 years for peace of
mind.

They can do the traditional method of home building:

Q: ArmSystem Turn-Key Program?

Turn-Key means you don't have to do anything with building of your
home. You just let us know what you want, and we will make it a
reality. We, literally, give you a key when we finish the
construction.

But they also have a program that might be what you are looking for:

Q: ArmSystem Owner-Builder Program?

With this program, you get to coordinate part of the construction
process, thus, saving you money. The conventional owner-builder
programs are geared towards Do-It-Yourselfers where you have to put
in the labor (or the sweat equity). But with the ArmSystem»
Owner-Builder Program, you make the phone calls! Of course, you can
paint, or install the cabinets, or build a deck... to save you more
money. But we install the ArmSystem» of your home with our
certified professional, so the hardest part of your building
endeavor is done by the time you start calling your electricians and
plumbers. On average, ArmSystem» Owner-Builders are realizing the
instant equity of 10 to 35 percent!!



--
--Tim Smith