I was strictly looking at it from a low down, instantly cash flow perspective. 

Can’t something be said about a cheap property that generates instant cash flow though?

On the other hand, if you get a great deal, not only do you get more of your precious cash flow, but you are also able to sell at profit if you need or choose to, and you are able to cash out refinance if you need or choose to, and you have instant profit in the form of equity and possibly forced appreciation.

The terms and interest rate are very fair and with a lot of hard work you can build instant equity.

Instant gratification will kill a RE investor.

Those two ways are instant.

The bank orders an appraisal (you are hoping it appraises for higher than you bought so you can pull your money back out and then some to rehab) and you can instantly refi or you can negotiate a construction loan (interest only) for the property and they will appraise the property as you have already done the upgrades/rehab to it. 

It is too early to tell, but I'm sure big cities like LA city will make a "standard set" that will be instantly approved by their building dept, by that it is much easier to follow and lesser time (meaning less expensive) to pull permit, might be over the counter.

Also if you buy right, you can utilize instant equity via line of credit to go towards your next down payment.

Recently we launched a custom built online marketing system that automatically gives potential home sellers the ability to get an instant offer estimate on their home.