My #1 resource was the undisputable champion of market confirmations, just randomly talking to people.

On top of that most lenders require you to show  6+ months of reserves. 

You need a bucket of cash for reserves, emergency repairs, or leverage to find/buy/create a good deal.

With $40,000 in cash reserved for contingencies and closing costs, a 20% down payment would be just out of reach for me.

Please keep this in mind and confirm the investment is still sound since, technically, you'll be responsible for utilities.

It didn't talk about working capital reserves, but I would imagine you would need those too. 

Everyone seems to talk about including the costs of the new mortgage, taxes, insurance, maintenance & capital reserves, and the vacancy projections when looking at realistic cashflow, which we already do for all the properties in our rental portfolio.But we, like many, cant find properties that are making any cashflow sense right now.

I found the renovations to be cost more and the ARV to be less (the agent or wholesaler will sometimes give you a higher ARV). 7) Get a full inspection and sewer line scope. 8) Have lots of cash reserves. 

Thank you for confirming that.

As long as you scrub your list and confirm the homeowner still has an active foreclosure pending, you are knocking on the door of one of the most motivated sellers on the planet.