@Gary Clisele, based off of your numbers that is right, but there are a lot of holes in that strategy. 

You could even go a step further when generating the contract and create monetary incentives for hitting milestone dates (i.e. $300 bonus if roofing is done before July 1)

., the lender won't lend if there is a gaping hole in the rehab plan/budget.

It becomes a black hole of a case but the Sheriff’s Office says they got quite a bit to move up the line on her theft ring.

Have you ever had a Real Estate investing "epiphany" or idea that you shared with someone only to have them shoot holes in it?

If you are trying to use the "Delayed Financing" exception a couple of things you should keep in mind, #1 you must have paid all cash for the property (no borrowed funds for purchase) and no liens on the property #2 you can use the maximum LTV allowed for purchase of property (ie. for an owner occupied property 97/95% LTV or non-owner occupied max is usually 80-85% LTV) #3 must refi within 6 months of purchasing the property (so for the most part you are going to use the purchase price plus improvements rather than the new appraised value) #4 property will have to qualify condition wise within the lenders guidelines, so no major work should be outstanding like broken windows, holes in the roof, ect. 

How deep down the rabbit hole are we on this one?

the main drain clog , filter clog , solid hole full, lift station pump broke . any of these issue will cause the back up. 

But I now have the following things that I cannot even put a monetary value as a result of doing it:A good and reliable contractor who is ready to help me grow my business and work on future projects.An electrician, who I met AS A RESULT of the my contractor.A great handyman and gardener, who I met, AS A RESULT of my tenants.A fairly thorough working knowledge of how to replace a roof, run plumbing, electrical, hang drywall, lay tile, and the overall costs associated with the replacement and repair of all these things.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.