A builder’s risk policy is also worth exploring, as it can protect the property, materials, and equipment during your restoration work. 

To qualify for material participation, you generally need to meet either the 500-hour or 100-hour rule.

Also, Buckhead is generally pretty expensive and when adding Condo fees, tough to cashflow significantly. 

@Michael Smythe speaking as both someone who owns rental properties that we self-manage, and a manager for other owners, I think' you'd have a tough time going after the property management company. 

@Tom DeanIf you're set on the BRRRR strategy in the OKC area, properties under $100k are tough to find on the MLS, especially 1970 builds.

@Amby Bhagtani, you’re in a tough spot, especially with a tenant already behind on payments.

Quote from @Conrad Tillman: Quote from @Jay Hinrichs: LOL  its kind of like 50 ways to leave your lover.And its very much dependent on your jurisdiction. however I will list the stuff I have gone through the last decade or so through about 200 new builds in 4 markets.1. material price fluctuations. rarely down almost always up pretty much annually. 2. as we all know labor  scarce  and or unqualified and do poor work..

Otherwise might be tough to get lending on all that. 

Lastly assignment of rents  Now keep in mind my were residential but getting tenants to pay a note holder is pretty tough and if they wont you need a court order which is usually not worth the time and expense..

I understand—it’s tough when deals fall through.