Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI. 

Going private money will already cost you more $$ in closing costs, points, etc - but they should ONLY collect $$ if the loan closes.

When considering refinancing, also factor in the closing costs of the new mortgage to determine if it actually helps you.

(Foundation, etc)4) Black mold, asbestos, lead paint, other other costly repairs. 5) It need significant cosmetic repairs where the purchase price just isn't worth it. 6) They may have an odd layout of the rooms. 7) Non-compliant septic.8) Trouble with permits or tenants9) Listing agent has a poor or incorrect listing.

These days too many people have too little coverage in case of a rebuild so you do want to make sure you understand the true cost of a total loss.

PS5, TV and two gamer chairs is about the same cost or less than an arcade unitThis is true and that is why I have Xbox in my cabins.  

15 year fixed mortgages are very underrated a 200bps spread is enticing as well as lower transaction costs.  

Others investors drive extra ROI by thing like ability to reposition property for greater profitability and or less risk; ability to rehab property at less cost, ability to identify areas where gentrification is likely to occur, etc. 

More than likely the asset will in a location where cap ex & management/operational costs are disproportionately higher and therefore your expense ratio will also have to be adjusted to a higher number.  

.$24K in soft costs (permits impact fees etc)$200K (or less) buildout of the house (size tbd on after-build-appraisal) Likely going with 2/2 A frame 1000 sf.