I do have a very specific and curated buy box, so I know what i'm looking for in terms of zoning, lot size, buildable/improvable sqft, location, etc.With that being said, do you still not recommend going through sheriff sales?

What's his home improvement contractors license?

@Nate Pucel The depreciation basis for a rental property includes the purchase price plus the cost of renovations and improvements that add value or extend the property's life.

Even if such a loan existed (which I doubt), once Vincent self funds all improvement costs, finance charges, carrying costs etc., I doubt he's any better off.

Come to think of it, though, I can't imagine why they wouldn't let me perform one just to understand how much I can offer.  

Hey @Sidney Duquette so I am not a fan of buying properties that can't perform with the hopes that it will build equity to offset the losses.

Do not rely on your subcontractors to know/perform the code correctly for your area.

I posted a bit about my experience here: https://www.biggerpockets.com/forums/88/topics/406311-jacksonville-fl---sfh-new-constructionhttps://www.biggerpockets.com/forums/92/topics/501414-data-points-multi-year-turnkey-performance-your-experienceMy property is cash flowing well. 

In the case of GEG, we let our members know we did not have a track record with them - they were new to us and just being tested - and therefore it was even more important to perform thorough due diligence since we can't be involved in the transaction. 

So as the new build went on, we focused on improvements to our first home and got it ready for tenants.