This is mostly a financial issue that we can't really advise you on. You should realize that most house projects are substantially delayed and/or more expensive than you expect when you start. You need to factor that into your contingency planning.
Kind of hard to answer since we dont have a clue how much money you will have, But I will say that it might be hard to do both at the same time. Since you will have your house rented you may be able to do both but will have to be on a very tight budget. Buy baby things ahead of time, diapers, formula etc keep well.
Building a house if very stessfull lots of meetings and deadlines and countless inspections. Think to yourself do you want to be waddling around a construction site while pregant or carring around a small infant. I would build the house and get settled then get pregant.
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