A FICO score requirement of 650 or higher, along with at least three years of consistent income that's 3X the monthly rent, are also a good ideas.

I feel like a GC would have been able to get me better deals with contractors while taking away the headache of not having to babysit contractors through this 1.5 year ordeal.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I am planning on doing a flip or a build in Phoenix in the next one to two years.

I have a good credit score (791 based solely on credit cards) make almost $200,000 per year, and have very healthy investment and retirement accounts in America.

I had already been in real estate for 5 years and thought I had seen it all.  

Additionally, it needs a new roof, new HVAC, new plumbing, the septic is over 30 years old, the well could use a filter, a few new windows, none of the electric is up to code… and it’s on almost an acre of land….

S&P has had 2 back to back years of returns in the 2x% range.  

You would need an extremely high grossing property under market value on a something like a 5 year lease to profit, and you probably will not profit after startup costs until Year 2 or 3.Do not even think of trying it with 1/2 bedroom apartments or condos nor 2/3 bedroom homes. 

ThanksThis thread is 4 years old and I'd be surprised if the original poster is still around.