@Tim Joyce A title search will uncover any issues like back taxes, but I'd ask the seller those questions too.

He spent about an hour digging and uncovered all types of trash and debris but after 6-8 inches he wasnt able to dig any further. 

I'm also concerned about the higher risk of uncovering unforeseen issues with the extensive remodel.

The terms I have used for clients are that the project must be done in 180 days, rehab itself can cost no more than 35% of the After Renovated Value and there is an automatic 10% Emergency Reserve added off the base budget to protect you in case extra costs are uncovered during the rehab.

We have uncovered a portfolio that is currently 15 rented doors, and a triplex in need of repairs prior to renting. 

I've been investing in Hamilton a long time & despite the competition level raising in the market for the last 3-4 years straight, I still am able to uncover gems.

Thanks for all the good information.I appreciate how there is always a way to bring it back to the seller and uncover ways to bring the deal to the table, the way it needs to, in order for the transaction to take place effectively and efficiently.Sean, nice way of breaking down the difference between actual Cash and HM so that it is a readily available response for future questions like this from clients.

But through research and leveraging contacts its possible to uncover

Am I underestimating Memphis for not being a booming growth city, and I am overestimating Indy for appreciation (such that my purchase would be on the lower end and not be overly significant) and I am missing something in KC that I have not uncovered? 

Only a clairvoyant Realtor would have uncovered this.