Not easy but well worth it

Jacksonville has been building at record levels and is/was one of the highest cities in the country delivering new housing units as a percentage of existing housing units.

@Collin Luckettjust curious - do you have a successful track record of flips, or are you looking to do your very first one? 

(You say it’s worth about $100k more than you’re paying so figure an extra $15k.)Maybe you’d be better off partnering with the parents unless they have zero interest?

The "variables" you speak to could mean this is worth every cent of a 5.4% cap rate to "I wouldn't touch this for a 12 cap".  

Is getting a $500 above ground pool worth it? 

- Most real estate investing projects have negative cashflow for the first few months - if not the first few years.Keep listening to the podcasts, but pay attention to WHEN THEY WERE RECORDED!

Either way, with rent and price appreciation, tax benefits, holding long term is a net worth exploder.

Is it worth a reduction of an already very small probability of an IRS audit?

Since you can’t do a formal inspection, a detailed contractor walk-through and phased renovation estimate are key.Have you considered checking city records for past permits to uncover any unaddressed issues?