If you're in Northern MN, there is a very good chance that the cost to build a new duplex exceeds the resale value, which would be an awful idea to build a new one. 

Structuring the agreement properly, outlining how profits will be split, who covers the rehab costs, and what the timeline looks like can ensure the seller feels confident in the process.

The only way to know if your idea is worth doing from a wealth building standpoint is to do the math:  What is the cost to acquire?

Would be curios if folks have also just included the cost of utilities at this price and left it unpermitted.

Would you mind sharing the cost?

You can always consider doing a cost seg study on a property that you buy and that can also help with tax benefits if you cannot qualify for the real estate professional status.

During my REI investing journey I've done 7 1031’s, then followed each of these up with cost segregation studies.

That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.

Do you feel like it has enhanced the productivity of your assistants to a magnitude that's worth the cost?

Telling sellers everything wrong with their house and justifying your offer with repair costs doesn’t build trust—it kills it.