Buying a flip sight unseen - advice?

[Heather Skowronsky]

Hi BP friends!  Today I was scheduled to meet a wholesaler at a potential flip for walk through.  Closing was to be on Monday 10/31. I have all of my ducks in a row to be able to have the contract assigned to me and close on Monday.  As of this morning the owner has decided to refuse to let anyone in the property while they still own it.  The wholesaler has assured me that they are still vacating the property.  I have photos of the interior from the wholesaler and the home is about 30 years old in a great neighborhood.  The wholesaler has estimated the home needs about $85,000 in renovations.  He assumes there was some sort of a leak in the basement.  We expect we will need to re-finish the entire basement, all new paint and flooring throughout, update kitchen and baths.  The exterior is in great shape.  (I have driven by already).  While I have experience flipping, I haven't bought a flip without seeing the inside.  Any suggestions from those of you that have?  What are some of the horror stories?  What should I also budget for?

[J Scott]

I couldn't imagine every buying a property sight-unseen, unless either:

1.  I knew for almost certain what the Scope of Work was; or

2.  I was willing to lose money.