And, again, eventually a strong business model/niche will show its numbers and then everyone will be doing it.

2 bedroom 2 bath at 700 sq ft will be tough. we get 2 bed 1 bath in 668 sq ft.

Quote from @Brandon Blackmon: These prices will come when you get GCs (licensed, subs, and unlicensed) into the property and start to get quotes.

Find a good realtor, close a deal with them and they will give you their contractor contacts.

Find a good real estate agent that is also an investor specialist and they can help you navigate what will get you your best ROI for your situation.  

@Andrae S Wiggins recommend you upgrade your BP membership to Pro to access the BP Calculators to evaluate rental purchases.Play with the numbers to figure out the purchase price that gives you your target ROI.That's the number you'll need to make an offer at, NOT what the seller is asking.Yes, you will get a lot of rejects, but whoever said investing was easy?

@Will F. some of this will depend on what you have to lose if you were sued.  

Strong agreements that protect your position in the deal, and recording a Memorandum of Option with the county will go a long way to protecting your interest. 

We came in low with our offer, but were willing to skip the inspection (which had already been completed before we offered) and stipulated that we would close in 20 days, which was super valuable to the seller.

Your ROI will be underwhelming.