We walked away from a new build last fall because we could already see issues and the sellers ended up getting us a pre-inspection report that said there were serious issues with drainage and foundation.

Luckily I had war fund saved up for the HVACs, roofs and foundation repairs I needed.

This is an early 1900’s property, so was expecting issues (which there were many before the foundation issues).

Unlike a kitchen or bathroom renovation your literally building a second house on the property and your dealing with everything from grading, soils, foundation, electrical, plumbing, framing etc.

Does it have material defects such as a roof, foundation, heating system issue etc?

This will set a strong foundation for long-term success and scaleability. 

The only way that works is if they have fully connected utilities and it is sitting on some kind of foundation and not on a trailer.Some folks think they are cool, but you really limit yourself on demographics.

That is another intangible asset that we are inadvertently growing.From LLC formation, to working with builders, to understanding what the city is doing, to learning the multiple layers of lending, we have automatically built relationships and a foundation of knowledge that we wouldn't have gotten in the same way through other routes.We have definitely continued to see land appreciation, which is worth mentioning.  

I personally read 2 books about wholesaling that cost me under $100, which gave me a solid foundation.

You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.