Flipping works well if you’ve got solid contractor connections, while rentals (like single-family homes) can be great with a BRRRR approach.

So if your replacement cost valuation on the policy is not high enough to actually rebuild the property (oftentimes this is the situation when contractors are charging premiums because they are so busy with other losses), and unless you are personally willing to pay the shortfall to rebuild the property, the insurer will only pay you the depreciated (ACV) for your loss.

In south Florida, there are a ton of free RE networking events where contractors, agents, mortgage brokers, etc all meet for drinks etc and I have found this to be a great way to find good people in the business.

These can be great for making initial connections and learning about specific markets.Since you're thinking long-term, consider spending some time in your target markets to build relationships with agents, property managers, and contractors.

So when you need to go check on things, rent units, meet contractors, etc, you're jumping in the car for 6 hours, spending 1hr there, and I'm thinking after a full days's work. 

Whether that is most contractors, hiring an engineer, or getting self-educated.

I would explore the costs with some other contractors are 2/1, 2/2 3/1, and 3/2 SFRs are.

Buying site unseen is a huge risk unless the buyer and wholesaler have a history doing deals together.My buyers trust the deals that I bring them, but I also provide them with in-depth inspection reports along with photos/videos of the inspection along with multiple cost to completes through multiple contractors.

Hey @Chi Lo - I actually have a video on my YouTube page about this (lookup ClosedByMo on YouTube).Regarding walls being damp and waterproofed, it means there needs to be waterproofing on the basement retainer walls (this is something you can do post-construction and the contractors would need to dig around the house exposing the basement/foundation to apply the waterproofing). 

Hey Brian, Generally, a HML org will want to see some diligence around the contractor or get some idea of past work if you're doing the work yourself.