The previous buyer fell out of escrow and he was hoping I could do a quick purchase to get it off his books.

Cash invested: $80,000 Acquired this property Sub-to as a quick flip with minimal repairs required.

I'm not sure of the exact dollar amount, but I believe if the grantee quick claims the deed for under that amount you avoid the transfer tax.

You should be able to get a reasonable idea of the construction cost fairly quickly.

I quickly signed up and here I am.

Another friend who invests heavily in Phoenix shared a story about her first deal there..she jumped too quickly into a duplex without adding a little cushion for those first-year capital improvements.

I think getting really good at one thing, establishing a network within that niche, and being able to analyze deals quickly is the key making things work.

BP feeds off of new investors and them being able to ask and answer on this forum like a quick burger at McDonald’s.  

Some quick googling suggests the answer is yes provided I don't rent it out more than 180 days for the first year, do I understand correctly?

It's tough, the rents have gone up so quickly over the last few years that rentometer has had a tough time keeping up.