@Natasha Crosby first off; regarding flipping- ignore advice that you can purchase a property for less than $30k, do a moderate rehab for $10k and sell it for $130K.  

For example (ignoring closing costs ect) a house is worth $100K ARV, you buy it for $55K and it needs $15K in rehab.

.)- And many more...I am not necessarily richer than before I invested in RE but I'd say my life is somewhat richer...I am never bored.Please send me a message if like me, your parents are source of inspiration and if your love for real estate does not get tarnished by your "love" for bed bugs and dealing with ignorant lenders...

You can insist on doing it "your" way, ignoring local customs, to your own detriment.

You want to profit from their ignorance and lack of due diligence. 

I understand I'm not the one selling business as I will only own the building.BP Rental CalculatorThank you and please excuse my ignorance in advance!

It does fit my criteria, but I'm looking for advice if its okay to ignore the 50% rule

Get used to making lowball offers, and especially get used to being ignored (or scoffed at) by sellers who want way more than you're willing to pay.

I don't advise you ignore the plumbing, but yes I recommend obtaining 3 different bids for that project and see what you can get for it.

I can tell you that I'm seeing several flips in the Scottsdale areas where Investors are asking $100k to $200k above what the area market is, to me this is pure ignorance and greed, when Investors try to dictate what they think the market should be.