It's easy to mess that up by not digging deep enough, putting in proper rock and possibly tying to a drain tile (easier said than done), oh and sealing the new hole in foundation properly. 

The subcontractor my general contractor hired to do the foundation had 20 yards of concrete poured today (35 degrees all day and part of the concrete is surrounded by a 3inch pool of water - not acceptable at all).

Basically, instead of testing every outlet and door handle, he is inspecting the larger and more concerning items, i.e. electrical, plumbing, HVAC, roof, drainage, attic space, foundation, crawl space/basement, etc.PM me if you want his info.

I've found at least 5-6 around Baltimore that really look promising and I guess I'm just wondering if I'm missing something with these properties that make them bad deals...how often do you tend to find a deal in the area that you think is a worthwhile investment?

This doesn't include foundation, skirting, hookups, well, septic, etc, as you know. 

The strategy has been very good to me, and I'm a fan.Separate your construction costs into soft, horizontal and vertical components - soft for city fees, professional services , and holding/financing costs ... horizontal for any site prep, public improvements, and underground work ... vertical for foundation and everything on top of it. 

Then put shims on the foundation to level it.

You take major risks that there are issues like foundation damage, termite damage, electrical, etc. 

@Ramsey Lee RodriguezHere are a couple book recommendations that give you a well rounded foundation to start your Real Estate Investing adventure.Getting Started in Real EstateThe Book on Rental Property Investing by @Brandon TurnerThe Millionaire Real Estate Investor by Gary KellerMindset and MotivationSet for Life by @Scott TrenchThe Richest Man in Babylon by George ClasonThese are the first 4 books that I read last year when I was just getting started. 

Would anyone recommend an Insurance Co. that will provide coverage.The house is 1940, 933 SqFt, one story,2/1, on raised foundation.