I've actually been doing this challenge and I have to say it's a lot of fun! You, Less, Danish Simmer, Simply Simming and SimTastic have Let's Plays on You Tube that I'm following. It's interesting to see how differently each person approaches the challenge.
So far my heir is a teen (about 10 more days to young adult) and the lot is already worth slightly over $30,000 - so unless someone dies, I should be able to accomplish this first installment.
I'm really looking forward to the next part. I love the idea of this challenge! Kudos to you and your husband!
(I've uploaded the current version of the lot to my page in the gallery. I'll upload the final House 001 once the heir is a YA. You can actually build a pretty nice house with $30,000! I'll also upload the family once I'm done.)