It's affordable and offers strong cash flow potential.

What are the potential pitfalls and benefits of each approach?

Quote from @Timothy Franklin: @Trevor FinnI would agree with your breakdown, but why overlook a potential to run the 91k subject-to with a targeted 6 month hold for flip or 18 month refinance?

Not sure why that happen, however the best way to screen a potential tenant is to see how they have performed in the past. 

Take a good look at potential purchase opportunities and run the numbers, then decide about buying, then financing.

Today he starts on his second rehab.   3/3 of potential b+ unit in an A- area (pt Loma).  

I’m excited about the potential of this project and hope it can bring value to the real estate investment community.Looking forward to hearing from you!

Consider places like Riverview, Brandon, or even Lakeland—these spots have great growth potential without the premium Tampa prices.

One thing that’s jumping out to me is how your House 3 has some serious potential once you carve out that above-garage apartment.

This approach will help minimize the potential financial risks associated with renovations and working with contractors.