Unless it is a new build, and it comes with purchase warranties are an extra cost and may or may not even be executed when needed depending on the circumstances. 

Quote from @Laurens Van swol: We are exploring the possibility of purchasing an investment property in Florida.

When the home was purchased, it was conventional loan and the basement had tenants.

There are other submarkets of Columbus like upper Arlington that have higher like $500 per square foot but the purchases are tear downs at $200 per square foot so the real exit is $300 or so.

Purchase price 70k currently pulling 900 rent ARV 110 - 140k, rehab about 25k 

Purchase price: $115 Cash invested: $17,000 This is my first fix and flip.

The latest red flag is his belief he purchased a "fully renovated" property in Philadelphia for $115K.

Curious thoughts on the following scenario.Current SFR with $51k loan at 8.125%, just purchased with around 10% built-in equity on the property, $250 monthly cashflow (post expenses).

Process is simple. 1. purchase contract2. send contract to title company3. bring cash to closing and you're done

I guess the idea is to use the equity from one property to purchase the second property, and so on.