People are paying crazy money, I don't know how much research they are doing if any.One buyer bought a property that the house was torn down. 

Just want to mention that sometimes it works out better to raze an existing property down to like 2 studs and rebuild around it so that it still is classified as a remodel versus a complete new build. 

Did you happen to listen to a podcast or go to a seminar that’s leading you down a stupid path?

Let's break it down to make it simple.1.

It always comes down to understanding the seller(s), building rapport, and then coming to a win-win solution - we do a lot of creative deals, on & off market and each is always unique. 

You can finance it with an FHA loan (3.5% down) or a conventional loan (5% down) if you plan to live in the property.

Other than that it's a pretty clean package. 200k down, 720+, 60> ltv owner occupied.  

When I went down to the basement, I discovered Joey had put nails in the subfloor that came through the basement ceiling and were so long they hung down about three inches below the ceiling.

As noted, it really comes down more to your underlying goals. 

Initially I really wanted to do a STR down in North Padre Texas (as it is a place I have vacationed for years and have stayed in at least 8-10 of the STR in the exact complex im looking into, I see how my STR could stand out amongst the rest since Im huge fisherman down there and that is mainly what those STR are used as, already have boat rental option setup if I go this route, list of fishing and possible guides to go with depending on style of fishing, family, fun, hardcore wade fisherman etc etc and equipment rental available for those that do not have.), the places im looking at are decent $ properties that after running through calculators etc showing 18-22% CoC after management fees etc.But after listening to BP for about a month, now thinking BRRRR possibly and doing up here in the DFW area.