I work on projects across multiple states and have a strong network of contractors.Regarding when to involve a contractor, if it’s someone you haven’t worked with before, I’d suggest waiting until after the inspection.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Throughout this entire time, I waited tables and bartended at night to pay rent.

I have been waiting until I meet them and let them tour the property before I consider approving them, but I had one really good applicant get away because she told me she was approved elsewhere.

Definitely focusing on offmarket or even on market multifamily homes (minimum 4 units). started off in real estate development last 2 years but the paydays are brutal building then waiting to sell.So now looking to switch up strategies to purchase cashflowing properties and then get back to ground up construction or even possible fix and flips. 

If you're not set on a specific market, it's worth waiting until you choose, as forming the LLC in your target state can simplify compliance, property registration, and taxes. 

I have multiple applicants that have applied. 2 look promising but both want to wait a month to  move in.

Only @Melanie P. touched on a fact that I never hear; the GIANT waiting list of LEGAL immigrants who have been long delayed because of ILLEGAL immigration. 

As I studied earlier, the first thing you should do is marketing, then get a call and do a property analysis to understand if it's profitable for you, then meet with the seller and sign all the necessary papers, then if there is a debt in the bank we do a reinstatement quote, then do a title search to check if there are any hidden debts, if everything is fine we look for an investor or flipper and sign an assignment of contract with him and wait for closing to get our money.

.: I'm waiting on a seawall permit which was filed last month.