I am currently in the midst of my first flip, which I purchased in November of 2016. A little background on the home - it was built in 2007 but never finished because the builder ran out of money and the bank foreclosed on it. They then proceeded to wait 8 years before trying to sell it. When I purchased it for 62k, it had sheetrock but no floors, cabinets, fixtures, appliances, or exterior concrete. It also did not have a septic system but I found the original permit for it (prior to close). I had rehab costs of 53k incorporated into my loan. As work began on the house, the contractor tells me that DHEC has re-inspected the site and because of the layout of the house on the site, the original permit is no good and now it requires an engineered system (which I'm told will be up to 3x the cost of a standard system). It is now February and I find out that the vacant lot next door to my house will be going up for silent auction at the end of May. According to the contractor, the soil on the lot would allow for a much more reasonably priced system and tells me I should try and purchase the land. Luckily, my bid of 7k was highest and I now own the lot, which when assembled to my original property will make the house on almost a full acre. Completion is set for July and the combination of no inventory and ever increasing local comps gives me hope that it will all end up being worth it.