Use a good lease Have proper insuranceAdd an $1million umbrella policyAnyone can sue for anything, but winning is another issue.

Walking the property before closing is definitely worth the cost to avoid bigger headaches later, especially with flipped homes where the quality of renovations can vary.

However, profits would be bigger if there were no HOA fee and there would be more opportunity to make improvements on the property.

TIAErich  Erich - I would echo other's comments, but also point you in the direction of a Bigger Pocket book, "Estimating Rehab Costs" - It's a 2019 version, so the actual dollar amounts will need to be increased, but it can give you a good starting point for the process that you can refine/update over time. 

Quote from @Cam Warren: Hey I’m new to the bigger pockets community.

As always, the bigger pockets community is awesome!! 

Contrast this with someone that has adequate umbrella policy.  

I enjoy helping new investors and bigger pockets members find and use loopholes to save money.

@Meghan BegueWelcome to Bigger Pockets.

Quote from @Jose Remor: Hi all, I'm new and found the bigger pockets after reading "How to Invest in real estate" book from Brandon and Josh.