People have already moving to the Surprise/303 area in recent years.

I'm particularly interested in what tactics people have implemented for sourcing quality deals (not the I need 100% financing bs)Would you:1.

Is this 1 flip where you're going to lose $20,000 and never touch real estate again? 

As those prices fluctuate, there is a builders somewhere putting his feet up waiting to see a market turn more active because the last thing he wants to do is start paying crews to build houses, that could drop in value while he's halfway through the build process and losing equity halfway into the project.

If you have three people renting together, combine their incomes into one to see if it meets the 3x requirement.However, nothing is that easy.

People have been dropped by insurance companies in wildfire areas and had to scramble to try to find insurance - some using California Fair Plan. 

Ideally they did not pay over retail because if they did they could easily lose the money they put into the property if the loan gets called.  

Quote from @Jesse Yoder: What insurance works with people doing BRRRRs? 

And the split is whatever you decide on. 50/50 is what a lot of people usually do.

The most successful people that I have heard on podcasts and met in real estate know that it is all about getting a single here and there and then going to get a homerun while doing those singles.