Total profit: $565K, based on an out-of-pocket of $274KI’m well aware of the dangers of doing a leading project like this, before something else similar has confirmed the viability.

By including the cap and limitation that all originated mortgages must be under $150k the Bill basically says these folks are in no more danger of defaulting on a mortgage than they are of being evicted from a rental.  

The pipes and wires of the place do worry me a bit, but since it is so hard to assess, is it something that just should be factored into the purchase price and reinforces the fact that, among many reasons, it would be dangerous to overpay for the property?

I agree not being local and trying to rehab is very dangerous.

There is more danger of making an emotional decision due to your love for this properly. don't rush and stick to your criteria for finding a deal.

That is very dangerous. 

@Joel Owens - You bring up a great point about the distinction between a REALTOR© and a licensed real estate agent, and I think we, as a profession, sometimes do a poor job educating the public about the distinction. 

Originally posted by @Danger Brown: I would suggest that you start by networking with some wholesalers in your area.

However, jumping into a rehab without having the knowledge and expertise is a dangerous game.

Using comps in any market that are too old is very dangerous.