Knoxville isn't a luxury market. widen the gap and do new construction. find infill plots of land in better locations and have more control. work closely with a builder who Is working with investors. we have flippers who did hundreds of flips then they graduate to new builds and say it's much easier. if you have the balance sheet you'll be fine. budget 20%. new construction commands a 20% premium and is much easier to duplicate Over and over and much less risk. 

Early on into budgeting many years ago I tracked all of my spending for a month. 

Maybe this is just happening because of the colder weather but I'm not sure and I don't want to spend hundreds of dollars getting a plumber to come out if a good investor-friendly handyman can take a look.

.✅ Master Lease Option (MLO): Take control of the asset with an option to buy after stabilizing revenue—especially useful if the property is underperforming.✅ Equity Earn-In: Offer the seller a minority stake (e.g., 10-20% ownership) instead of cash up front.2.

Like with so many things, awareness and access to information leads people to take less favorable options when spending their money. 

One of the biggest mistakes newer investors make is over-rehabbing houses and spending too much money on these low ARV homes.

If you don’t want to spend money I’m pretty sure you could get someone to grade the surrounding dirt and add some gutters for your $5k discount and gain you will have added value and come out ahead.

I understand the two main downsides of condos being monthly fees out of your control and little appreciation. 

With the purchase option Bob has total control doesn't he. 

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.