Whether Teak or Southern Pine, the above items or concepts will need to be applied to determine the value of your property or purchase price.

You just can’t successfully operate in the real estate industry unless you master these concepts.  

@Jason Tucker - your concept is very similar to one we just completed the financing for. 

If you work a day job in addition to your plans to pursue real estate in this way, then focusing in 1 city/MSA will drastically reduce your time spent focused outside your job, allowing you to keep your income high, your job safe, and your problems simpler.

I think many investor miss the very important concept that real estate prices for risk..

I have had people work for me for years under this concept and with some very few minor disagreements it has worked out very well, the money saved allowed us to do 3x the work than if we had gone the traditional route.

Second, there's a legal concept called "unjust enrichment."

If you meant the company specifically and not just the concept of pad splitting, be sure they are available in your area.

Rehab costs and  are key parts of evaluating deals, so it's great that you're diving into these concepts early.For rehab costs, creating a rough estimate starts with understanding the scope of work and local pricing for materials and labor.

Lots of people on here want to knock concepts like the one you are asking about, but in my experience most of those people haven't even worked through those kinds of companies or bought properties, so focus on the ones who actually have (if you can figure out who that is).