Questions about investing in distressed properties

[Zac Weimer]

Hi everyone, I'm a senior in college and will be graduating this December with a BA in accounting. I've been wanting to start my real estate journey for a while now and I have been doing lots of research about Real estate investing through podcasts, videos, and books. I've been looking closely at turnkey properties that are rent-ready but wanted to dive more into properties that need rehab (hence the BRRRR method) as more potential is said to come from distressed properties.

I have a few questions that come up when looking at distressed properties.

1. What is your thought process when looking at a distressed property? What do you start looking for?

2. How do you determine the estimated repair/rehab costs before purchasing the property? Is there a rule of thumb?

3. What hidden and important information do I need to know and research before investing in a property (hidden expenses, potential issues, etc)?

Thank you all for your input! Please feel free to add any advice that has helped you as well!