Secondly - a few layers of sheetrock and a couple of upgraded doors is pretty cheap when we are dealing with people's lives... why wouldn't you want that?

The FHA says that examples of such problems include but are not limited to the following: Missing handrailsCracked or damaged exit doors that are otherwise operableCracked window glassDefective paint surfaces in homes constructed post-1978 (because of lead paint hazards)Minor plumbing leaks (such as dripping faucets)Defective floor finishes or coverings (worn through the finish, badly soiled carpeting)Evidence of previous (non-active) wood-destroying insect/organism damage where there is no evidence of unrepaired structural damageRotten or worn-out counter topsDamaged plaster, sheetrock or other wall and ceiling materials in homes constructed post-1978Poor workmanshipTrip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)Crawl spaces with debris and trashLack of an all-weather driveway surface=================There are many areas, however, where the FHA does require problems to be remedied in order for the sale to close.Electrical and Heating The electrical box should not have any frayed or exposed wires.All habitable rooms must have a functioning heat source (except in a few select cities with mild winters).Roofs and Attics The roofing must keep moisture out.The roofing must be expected to last for at least two more years.The appraiser must inspect the attic for evidence of possible roof problems.The roof cannot have more than three layers of roofing.If the inspection reveals the need for roof repairs and the roof already has three or more layers of roofing, the FHA requires a new roof.Water HeatersThe water heater must meet local building codes and must convey with the property.Hazards and NuisancesA number of conditions fall under this category.

Think layers that you add as you grow - each supplement the other and cover you better, but you still need them all.Only you can determine what is your risk threshold.

utm_source=newsletter- https://www.biggerpockets.com/renewsblog/telltale-signs-youre-not-ready-to-invest/- https://www.biggerpockets.com/renewsblog/vital-importance-mentor/- https://www.biggerpockets.com/renewsblog/get-ready-to-invest/- https://royallegalsolutions.com/get-your-head-in-the-game-four-pro-tips-for-creating-a-winning-real-estate-investing-mindsetYou might want to read and follow these threads:https://www.biggerpockets.com/forums/48/topics/630353-advice-to-your-20-year-old-selfhttps://www.biggerpockets.com/forums/12/topics/625324-looking-for-financial-advise-for-getting-started?

For example, if the roof is remaining, I would remove the shingles (unless your are layering them) and make sure there is no sheathing/plywood to replace or any other 'unexpected' damage then you are more certain of your costs.

Having a security system is vital to saving costs, though it may sound like you're spending hundreds of dollars up front. 

The Land Trust also offers the added benefit of removing your personal name from the public filing, adding a layer of anonymity to the process.

They like to have an agent or appraiser come in and tell them what it might be worth, from there, they may still have internal layers they have to go through before the house actually comes on the market.

Also, lead inspectors use an x-ray gun to check all the layers of paint, so just because you can't see it, doesn't mean it's not there.

The rich don't own anything, they just control and benefit from things through more and more layers of separation.As @Ned Carey mentioned above, there are fees involved with these structures - it really isn't worth it for all investors.