That is a distinction I could have gone my whole life and never missed. ;-) We can have lunch and I'll share the details. 

Las Vegas is easily 5 distinct neighborhoods.

This distinction if of course most important when you need to use cash out proceeds to pay down credit cards used for rehab or keep the ball rolling and re invest for more flips/investments.  

So these fine distinctions matter quite a lot to me. 

How to spot an Asset Protection Salesman, as distinct from an asset protection attorney?

@Omar @Omar Khan So let's assume that 30k is not my entire capital pool but my risk capital distinct from my portfolio/Net Worth/Savings.

There is no distinction between investment and home ownership in the law.

This is an interesting distinction.

The fact there is a very distinct water line about 1.5-2' up leads me to believe there is a significant drainage/water issue.

@Luz Pagan also, if you're lucky enough to have several comps to choose from, you can often see a pretty distinct value to rehabbed vs not.