People will rent homes in that area because they cannot yet afford to buy, but hope to buy a newer home in the future and keep the kids in the same school system and around their same friends.

They originally wanted 360k, but the mortgage would have the property running negative for the foreseeable future until all renovations are done, which I won't do. 

I am looking to purchase more rental properties in the near future.

It’s also helpful to build a small network of trusted vendors and tradespeople you can rely on for future projects.The BRRRR strategy can be a great way to scale, but I’d advise budgeting some extra cushion for unexpected costs or delays—it’s almost inevitable.

I apologized and said (and truly meant) I'd follow up on it and improve for the future.

Flood insurance is expensive and will be more expensive in the future, as they try to raise premiums to cover the claims. 

Disclosure: Previous, current and future purchaser of Matt Scott's services.I have personally used Matt Scott and Incite Venture Capital to create my fixed income fund.

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

However, much older, and you'll be looking at many structural renovations in the future.

This is why I've ended up coming back to the midwest and some southeast - affordable home prices that are not all Class D, with some being Class C with the potential to become Class B in the future.