We backed out of that deal because there was a freeze that hit Texas market, and that freeze caused a bunch of plumbing issues.

to give some feedback, you will need to estimate the cost to repair the house; if you don't know how to do that, we just need some  information of what the house needs and the sqft of the propertyIf the house is, as an example, 2500 sqft, and It looks like you are stuck in time back in the 1980s, but the AC is working,  the roof is ok, and there are no foundation, plumbing, or electrical issues; I can assume maybe a $20 per sqft, so the rehab is about $50K to 60KIf the ARV is 290K minus 10% closing/holding costs, - minus 20% profit - $50K rehab, ideally, in this example, I need to buy the house for about $150K to flip it, but as a landlord, I may be able to pay a bit more, as long as rehab is not too much, and rental is about $3,000 to $3,500 a month

I get a hold of this girl upstairs and sternly explain that she absolutely can not allow water to go all over the place and how she has now caused damage downstairs. ...All bathtubs I have ever seen that were properly plumbed have an overflow, behind the shiny plate or lever near the top of the tub, which directs into the drain any water trying to get above that level.

I know there's the inspection period and buyer must perform due diligence BUT it never is normal to research permits for every single plumbing fixture, electrical box, all liveable areas, etc.

No claims, updated roofs,plumbing,electric.

We made several improvements to the property when we got it - a totally new gas line, a totally new water line including all the lines from the street and pex plumbing installed.

If the sponsor is buying 1980 or older make sure they have a lot of money set aside for plumbing, electrical and HVAC.

You may need permits for plumbing, electrical, and structural changes.A HELOC can be a flexible and cost-effective way to access funds for a down payment on another property. 

The current plumbing stack iis not connected to the man line.

Over time, I saw the benefits of (domestic) LLCs and built a few companies with many members.