If I contract a home and use you as my inspector, since I have never used you before and don't have a way to judge your work, If you use me as your inspector, determine upfront whether you want me to be nitpicky and create the largest report of meaningless findings to aid in getting a price negotiated lower (often due for new bills), a minimum number of findings to make it easier to purchase (often the desire expressed from real estate agents who don't want to blow up the transaction) or somewhere in between these two extremes. 

Conventional is always going to be the cheapest, but sometimes it doesn't work due to a buyer's financial situation or their desire to keep a property out of their personal name. 

In an ideal situation, this kind of deal can benefit all the parties involved, especially if it's a highly desirable property; The seller gets some privacy, the agent makes a few calls, and the buyer has less competition.

If your properties are located in city with SB 721 enforcement mechanisms in place, I would contact the city for inspection guidelines and then find an inspector and contractor who understand those guidelines.At the risk of sounding undiplomatic, I have zero desire to pay someone $4K to drill holes in my balconies.

As long as your investment is in a neighborhood with high demand for rentals and is a desirable area, it should meet your expectations.

The vacancy percentage is higher than desired and it is very competitive to get renters into both units.

And, as it relates to your plan, you probably know the optics of your market better than I, but I find that five unit properties are often slightly less desirable than four unit properties, simply because buyers can no longer use conventional financing for five units.

From what we are seeing a 60 to 70k 3 bed probably needs work or might be in a less desirable location. 3 to 4  years ago that price point was easy to find but current prices ( after repair) would exceed that amount.

My desire is to be a landlord and to invest in real estate.

It helps determine if the project will meet the desired profit margins.CoC (Cash on Cash Return): I find this particularly important for fix-and-flip projects, as it measures the actual cash return on the cash you’ve invested, giving a clear picture of short-term profitability.Cap Rate (Capitalization Rate): While more commonly used for rental properties, it’s useful in understanding the potential income from a property relative to its price.IRR (Internal Rate of Return): This is a great metric for longer-term projects or those with varying cash flows, as it takes into account the time value of money.Some investors might overlook metrics like AAR (Average Annual Return) or EM (Equity Multiple) if they’re not as relevant to their specific strategy.