I did not get deep into the investing side of things until recently, but that first step made all of the difference.The dollar numbers on properties will change over time... up and down. 

Hey BP,I have a confession to make, I'am a Realtor that might have a hero complex, I have the compulsive need to try to help everybody and at times I find myself in the deep end.... losing sanity.

He checks the main items--roof, foundation, hvac, plumbing, electrical, structural...but doesn't do a deep dive into the cosmetic issues or small items.

(Before you ask, I cannot give legal advice or barter my services, I'm working for the man and could get into some deep water, but I will try to give information and referrals if I can help.)I still have yet to do my first deal.  

@Matt Motil  respectfully disagree with you... mid west deep south saw big value decreases.. just look at Detroit  and virtually any asset in the C class those dropped the same amount..

Not to Eeyore your plans or anything, but I would not cross-collateralize my portfolio for this risky plunge into the deep end.  

I think the strategy is more effective if you can pay cash for your first property to get the deep discounts necessary to make it work.

There are a variety of ways to build in poor soils, structural slabs, deep foundation (e.g., caisson/piers), etc..  

I agree 70% rule is kind of simplification, but finally i see the main difference between flipping and building is that while flipping goes you earn money on buying with cheapest repairing, but while new development/deep rehab goes you earn money getting adding value for highest market price comparing of rounded properties in this location. 

If it's pier & beam, then that perimeter footing (spread footing) should probably have been 6" - 12" deep.