The one cost will be getting the units furnished, but if you live in the area it isn't hard to source a bunch of decent 2nd hand furniture on Craigslist or FB market

Its a long term low cost play for me.

As I am considering my offer, I am trying to understand how much to budget for attorney, title/closing costs etc? 

Also accounts for mobilization costs (e.g. lodging for field team) and shipping costs for materials. 

Replacing one bad fixture between material and labor can end up being 3X the cost of buying the better quality fixture in the first place.  

Who cares about lifetime interest costs, except to the extent you can easily lower them (refinance to a lower interest rate) to increase your cashflow.

I just read an article recently that noted "Avg Profits For Flipped Homes" of $80,000, however when you dig into the article and their sources, "Profit" is simply Sale Price - Purchase Price...so it doesn't consider renovation costs, holding costs, financing costs, etc.

It will cost the seller more time and energy to sue you than collect on the EMD.  

Not to mention the cost. 

Think about all the extra time trouble and cost it takes to turn an ordinary house into a vacation rental...just my two cents though...