You might get one with two new roommates in a subsequent year. 

I would be in charge of running the project, construction, all costs, I would float the project.Once the first unit is completed we would put financing on it and the proceeds would then fund subsequent phases, enabling us to progress through the project over a multi-year timeline, likely spanning 3-5 years.Estimated my construction cost would be 350,000 per building (pure cost no profits).

This has flipped in the subsequent decade, with about 75% of flips now being sourced off market. 

I know people who have purchased properties for appreciation because some "big company was moving to town and the values were going to skyrocket" or based on some news their buddy told them, who subsequently lost everything when the company plans changed.There are many ways to skin a cat.  

If your thought's are aligned to "How can I get asset's under my control, to be operating with 100% levered capital, 0 capital investment held in enterprise, yet a "cash-flow" similar to that of having vested capital in it......

We work the surrounding areas like Headland, Enterprise, Ozark, and have just recently been buying and marketing up in to Troy.  

Only QuickBooks Accountant and Enterprise version will let you calculate Depreciation, not the Pro and Premier versions.

Knowing construction/remodeling, local codes, contractor licensing laws, state laws, project management, tax codes/laws, understanding market conditions and having a healthy amount of liquidity are but a few.Flipping is a business and subsequently requires one to be business savvy, especially in California. 

The deceased provided security deposit under original lease, which has been subsequently renewed and in a month to month status.

Balloon" framing (1920's I believe).Radon.Plaster and lathe instead of sheet rock (pre 1950's) or plaster and wire mesh variations (50's) more solid than sheetrock but a real b*tch to repair or demo if you're remodeling.You've got Galvy plumbing but also need to look out for other kinds of outdated plumbing like clay sewer lines (pre-1930's, prone to collapsing, bellies, root intrusion), cast iron (1950's, often rusted and/or cracked by now), and PB (polybutylene, gray-colored water pipes, 1980's, prone to rapid degradation and subsequent bursting, mostly gone by now).Buried Oil Tanks-- Do you have those there?