Get your contracts from an attorney if you want to be as safe as possible.  70% is likely not going to be an option in LA even for a wholesaler unless you way overestimate ARV (which some people do)  The list will probably be trial and error until you learn what works best in the specific area you are targeting, but you may have slightly less competition with owner occupied homes.

In my area, Baltimore City, the courts are constantly kicking out cases that have some technical error.

I have a property in South Dakota that I'm looking to purchase.This deal would be purchasing an existing sfr on a double lot, tearing it down and building an 8-plex with 8 garages.Purchase price =35kContact estimated =$575 for tearing down and construction.Leaving some leeway for error I was estimating $635k all in for construction of the property.For the rental portion I am seeing 5-1br/1ba units renting at $7003-2br/1ba units renting at $10009 garages renting at $50 eachCoin op washer and dryer $90 Total monthly income $7,040Expenses Taxes =$12,500Insurance=$2,000 (my estimation have not gotten a quote)Property management= 10%Vacancy =10%I'm not sure if I missed anything but it looked like a good deal in my head.

I just thought mu numbers were so far off that maybe I was making a big error in my calcs....the 1% rule, while I understand is not a rule...haha....seems to fail here.

When i clicked the link there was an access denied error message.

If you are not a STEM major or you have a lower income earning potential, then you have to be even more careful as you do not have a lot of room for error. 

Just keep on going and hope you will balance that bad experience on the next job or maybe go positive and learn any errors will hopefully not hurt you again. 

The concepts and challenges of community property are not well understood and result in confusion and planning errors.

I'm from the Spring area & looking to purchase a SFR by the end of the year (using the BRRRR strategy).  I have read on the subject/listened to podcasts & think I'm ready to take the leap.  I'm looking forward...

We've found that good contractors are one of the hardest things to line up without some trial and error, but maybe we can share notes as we both build up our teams.Local meetups have been an amazing resource for us so far.