(the blanks were for Mike M) Richp.s. ditto to what Bryan said.

LOLHmmm, when I came back, your post was completly blank, no text at all.

I understand most of the basics from working with investors over the years, but still would like to approach this with a blank slate and learn from trial and error.

Because most properties pick up more value and can be refinanced after rehab to a lower rate loan; almost no one ever keeps the 203k loan in the futureBe sure to have a great well recommended HUD consultant who gives you great service and writes a detailed Scope of Repairs document  which identifies any Mandatory repairs, Recommended repairs and Desired repairs so you know how much this will cost and can adjust down if need beAsk for a 20% contingency reserve instead of 10% just in case; if you dont use it , your loan reduces at the end by that amount and you dont borrow it- it is used for unexpected costs discovered during rehab not in the contractors budget or SORShare a BLANK version of the SOR called a BOR with  the contractors which lists lists all task and material qualities and labor needed but NO cost on this one so they bid honestly Be sure YOU understand you have signed a binding CONTRACT with the contractor for the work on the SOR at that COST.

Just staring my investing career but born and raised in Huntsville and currently working at Trustmark Bank in downtnown Huntsville. 

I “knew a guy” that would put a blank key in the door lock and with a hammer, snap off the head so the key was stuck in there.

My long term goal is to buy a 3/4plex here in LA where the rents are basically write your own blank checks.

All fill-in-the-blank. 

Introduce yourself to every realtor in your area and give them a flyer , host a wine and cheese for them to view the prioerty and point blank ask them what they would do to sell the property. 

For a blank-canvas ADU conversion $50-$100k is a good budget.