I only have one B and three C's, so that's what I watch.

Just make sure to watch the numbers(CMV, ARV etc) and make sure the contractor/handyman doesn't go pass framing work (new windows & doors are often included) because you're still selling it at a wholesale not retail purchase price.

Watch the neighboring property more closely and document my own observations.3.  

Add fuel to your fire and watch your business grow.

Be cautious with sandwich lease options Vanessa, Bill Gulley and I have been talking on this subject for a long time.If you are dealing with free and clear houses, taking title via a private 1st mortgage - installment sale and renting or lease option is smarter than a sandwich.Also on the selling on lease option side, watch out for rent credits, in other words do not do them, consider a ROFR, or right of first refusal, as Dodd Frank, SAFE Act, etc. has come into play.Use a RMLO or Reg Mortg Loan Orginator with your buyers as per the ATR (Ability to Repay Rule) will bite you later if the buyer gets an attorney on a seller financed deal.

I know the price of a home is dependent on the location but from watching some of the TV programs a typical 3/2 1500 sqft cost roughly $400k.

Is there a better way than just watching until they disappear? 

Secondly, Wisconsin (at least Milwaukee) seems to have very little rehabbing/flipping going on, and other than watching the TV shows, most real estate professionals in that area have no experience with rehabbers/flippers.

Looking to remodel 2 bathrooms: https://www.youtube.com/watch?

Watch out for contractors as they have a way of walking all over unsuspecting and inexperienced board members.