Get a lay of the land before doing any other DD or you might just be wasting your time on the other parts. 

I will say that it will meet or exceed the 1% rule with minimal effort. 

Any local attorney that regularly practices in this area should be able to provide you with simple form contracts at minimal cost (this would take the attorney very little time).

I'm currently putting systems in place so that when I start my marketing campaign (creating that as well) I won't get disorganized and waste leads.

Everyone has their own strategy, and risk tolerance, but from my own experience the returns I listed above are very achievable with minimal risk.

Does anyone have any advice on how to proceed or if I am wasting my time with this?

Hello so there's this property that I would like to acquire but I want to know if I'm wasting my time reaching out to them or is there a possibility that I could make money on this.ARV: $500,000Rehab: ~$33,500 (probably cosmetics but did 15*square ft just for an estimate)Acquisition price: $390,000 (that's how much they owe on their mortgage)Estimated Costs: ~$47,800My AOC: $10kPossible Profit for Fix N Flipper: $44,400Are my calculations sound or is there something I'm missing?

I think that most insurance can feel like a waste of money but it is usually meant for people to correct them from a major loss.  

Even if you are legally due the EM they can deny and tie up in court and although you might eventually prevail you will waste a lot of time and money.

Hi Brandon, I'd like to start with 2 minimal residential property purchases & rentals per year.