We offered 30K under asking and got it under contract, after the inspection we were able to renegotiate another 10K off of the property due to repairs needed.

Keep it straightforward at first, but know that experience is the best teacher—mistakes are part of the process and will help you learn.For ARV (After Repair Value), start by running comps (comparable sales) on recently sold properties in the area that are similar in size, style, and condition to your planned rehab.

There are also some exceptions to convince the underwriters to use leases if there were major repairs for that house/unit proving that the schedule E numbers are not showing the full potential return, then you would be able to use the leases as an exception. 

Strong property management and careful tenant placement also play a critical role in success here, so I recommend partnering with a turnkey company or an agent who specializes in these areas to make the process smoother.As for rental demand, homes that sit for extended periods are often the result of issues like pricing, condition, or tenant quality—not necessarily a reflection of the market as a whole.

Tell them that you are serious about running a quality STR and to have them call you at the first sign of problems.That will give them some peace of mind and have a way to get a hold of you instead of calling the cops.

These can be used for things like payroll but will get trickier when talking utilities or repairs & maintenance as a lot of those have to do with how old the building is or what condition it's already in

These lease breaks will cost me 100s of man hours trying to fill these vacancies, repairing damage left behind, and pursuing the civil cases.

Most of the Flippers want to be around 75% of ARV minus repair cost or lower.

@Marc ShinLike @Andrew Steffens said, for big items, go with quality.

@Randy AchiTo start flipping houses, learn fundamentals through books, podcasts, and online courses, build a network, start small, and practice repairs.