You'll owe capitol gains also if you sell before 2 years.. everyone is afraid of paying capitol gains.. but in reality it's a cost of holding a property less than the required 2 years.. a cost a flipper adds in to the sale of the house. 

The house may have to go through probate and that can take a long time and cost a lot of money, depending on where the property is located.Do you have Power of Attorney for him? 

Assuming a flat, cleared, buildable parcel, should I figure a percentage of the lot cost? A

It must cost a fortune since they want you to call. 

I'd also like the desk cost as low as possible. 

That’s why you see cabins an hour west of Charlotte cost a third of the price as the same type of cabin on the TN side of the Smokies.Now sure ROI is a numerator/denominator game that includes revenue and purchase price, and if all the best locations were priced higher than the potential additional return they give then that doesn’t move the needle.

The secret is understanding the meaning, and the impact of this number sequence, and applying it to every decision you make as a REI.                                                                        1073741824Buy with as little cash (that's your cost) as possible.

I think the BP bookstore has some books on estimating rehab cost as well.  

Lending on any property that is or will become owner occupied might be something you will want to stay away from as you will most likely trigger licensing as well as Section 32 (high cost). A

The qualifications are way easier than Fannie/Freddie loans, but cost a little more.