@Jimmy Lieu, thank you for the offer.

It offers little protection against negligence but good protection for contract disputes.

@Collin Hays My favorite that came in at 6am one morning when the nights low temperature was 58 degrees and the high temperature was to be around 75 was the following.

If either you or the investors are not highly experienced, this system is very very difficult to slow the first couple flips profitable. 

Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Some people will say, "Take out a quality Insurance Policy and you will be protected."

Can you dig into a little more on the novation, why did the seller pick that strategy say over a cash offer?

We make sure to do the work to a high degree.

These are good indicators of quality tenants.You can also adjust how much deposit you take as well.

But, I don’t think that should be a very high bar for you especially if you are already studying and researching this at 18 years old and you don’t plan to buy anything until 2-3 years from now at the earliest.