Margins are thin on flips and a lot of listings are over priced.

Margins were pretty slim since this was an MLS listing.

Need to know what the repairs are but likely this is so slim of margins

My theory is to follow Warren Buffet, who preaches to make money when you buy the asset, have the financial wherewithal to hold on to it forever if you could and always keep a margin of safety.

Anything you do out of state will be more expensive and have slimmer margins because you need to involve more middleman to get the job done.

So, if you're not going to do the work yourself, or if you don't have some magical contractor that can do it cheeper (and better) than anyone else, the only reason not to buy it finished is if the price you get it for, combined with the price you're paying to fix it, combined with a very healthy margin for your risk and the inevitable surprises....

If you are BRRRing things could get real ugly real quick in any sustained downturn....especially for some of the investors out there on $100 door margins.  

I may have to lower prices a little, but my properties attract couples and small families in an affordable, drivable destination, and I have enough margin that I can ride out a drop in price for awhile.  

A hard money funded flip is tighter timing and tighter margins.

Agreed -- great, low-cost way to cover marginal legal bases without racking up hours of billings with an attorney.