Again, if your $250k is true, and includes all the electrical upgrades, new plumbing runs, potentially new foundation pour (since I assume the existing garage slab is not capable of supporting a new two story house), I am guessing since I don't know the market, but assume you will have a lot of equity by completing the project.

I'm trying to analyze a potential flips in Newark, Ca (East Bay in general).

Had we scheduled the closing in the morning, there would not have been an issue.The only potential upside is that a disaster area declaration triggers changes in mortgage rules that could beneficial to the buyer. 

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

To attract investors, offer incentives like high cash flow potential and tax benefits, and structure the deal with clear legal terms and contingencies to minimize risk.Good luck!

•Instead of transferring the title, consider using strong landlord insurance, an umbrella policy, or a land trust (with your LLC as the beneficiary) for added liability protection.Your FHA Loan Potential for Another Property•Since your first home is already a rental but was likely purchased with an FHA loan, you may still be eligible for another FHA loan—but only if you meet one of these conditions:•You relocate at least 100 miles away from your current home.

The BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) could also be a great strategy to recycle your capital.To find deals, try direct mail campaigns targeting absentee owners or distressed properties, or go driving for dollars in neighborhoods with strong rental potential.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Understanding the market enables you to spot good bargains and steer clear of potential loss-making regions.

Cash flow can be great if you manage it well and keep occupancy rates high, but factor in the added costs of management, cleaning, and potential vacancy dips.