I didn't find any major structural issues and I plan to have a home inspection sniff out component defects which will be deducted if found.I am anticipating a generic 'lipstick' remodel to the tune of $10-12k max.I plan to list flat-fee MLS for $400 with 3% to buyers agent $6900 .I'll have to evict tenants.I'm factoring a 3 month holding time (although I suspect it will be less from what I've been seeing w/ properties at this price point).I'll be financing it.I'm paying closing costs (Title, escrow, etc) $2500?

At least one exit door must be accessible to the outside without the use of a key.Ceilings, walls, and floors should have no large cracks, holes, peeling paint, leaks, or serious structural defects.

The guys were over yesterday putting in a countertop that had to be replaced from Lowes but it was ready to show and sold with the defective countertop not glued down.

Lots of wholesale properties have defects.

Disclosure laws vary by state, but it is common that the seller and the agent are required to disclose known defects with the property.

If there are no obvious defects to the home you'll be fine refinancing out of your retirement account.

@Brandon Gebers  builders risk covers fire theft that sort of thing.. you need GL you don't need to double up on fire.. but check with your insurance agent to double checkI have gone about 40 years in this industry with nary a fire in all the deals I had done. and this year I have had 3.. when we build new construction we buy a GL policy that will last for 10 years its also construction defect.. on fix and flip its not as critical as your generally just doing mainly cosmetics up updating systems. 

Other situations may be different for which type of deed to use.A note about title insurance, it does not matter how many times you have changed your ownership, the policy that is issued to you when you purchase is still in affect to cover any title defects from before you owned it. 

As Bill Gulley said in most states sellers are required to disclose defects they are aware of.

If the title proves to be defective, the grantee can sue for damages.