@Stephen Jones what is the opportunity to do RUBs (bill back) the utilities, water, and garbage to the tenants?

Are they separately metered for water, or does the landlord currently pay that?

I have learned to work on the safety items first including electrical, necessary structural, Roof leaks, water system leaks etc.

The PM found a water leak in the kitchen area (upstairs) and water stain on the outside of downstairs bedroom.

.- You mentioned water in the panel board and wet/corroded breakers.

Or a water line could freeze and burst in 2 months and create a 3-4k repair shortly after buying.

Things not even related to the house itself can come into play - how is the neighborhood, do you know what your taxes and insurance are going to be, will it need flood insurance, how is the foundation, the roof, the AC, the plumbing, the electrical - things you can't always tell from pictures.As a general rule for myself, if I can't make $50,000 on a flip property, it's not for me... and usually I'm actually looking for closer to $100,000 (net) after reno.to be happy and know that if my rehab runs high, or my sales price runs a little low I will still be ok.  

when assigning an inspector make sure they test the water.

Unfortunately, we have just learned about a water damage caused by the people living upstairs.

@Arwin Nassiri Be sure to do your due diligence when considering raw land, and consider particularly the cost of getting water and other utilities to the location and whether you can actually build on the land at all - any structures or improvements within 25ft of a Joshua Tree will be difficult, expensive, and likely impossible in most areas - and you generally can't move them either.