What I do is pay my contractor to fill out a basic report that has all the main bullet points such as roof, mechanicals, siding, electrical, ect. and take pictures of the house and the main components. 

Risk/reward is a key component to evaluate, and I would put regulatory complexities on the risk side of the equation.Better approaches more suited to an IRA would be to have the IRA be a private lender and loan money to other unrelated flippers, or to buy a property with IRA funds and a mortgage that would be held long term for rental income.Keep researching and get on the phone with a few professionals in the field. 

I am an authorized Goodman dealer and I would not sell a gas furnace (installed for the third quote)...this does not include the a/c unit, which is the expensive component in all this.Long story short, I would sell a furnace/compressor (entire system) 3.5 ton for closer to $10k installed...The $6500-7400 may be in alignment with your market...but, if the lowball price is legit, why not?...

Green has just said.If you have one component, wave it in the air andyou can usually attract the other two.BTW, hello and welcome to our forum!

Then, assuming you have created a working relationship with a local bank, go to that bank and request a "recapitalization" loan that contains a construction component... and if the value will support... ask for a '"stablization" kicker (that would be a cashout) in the back end.

Here are the details:4 bd 2 bathFull unfinished basementLake in back yardUsing HML for fundingPurchase Price 56kARV at least 110k (there is one comp on the same street at 189k)Rehab 20k at most, the sheetrock and carpet work in the basement looks to be the most expensive partI wanted 10 days due diligence, they won't go above 5.

Great content and consistently putting that content all over the web is a key component of that.

It is difficult to take a house and analyze the expected life of each component and come up with a predictable value.When I look at a property, I will note the obvious items that need immediate attention and deduct those from the value as necessary.I think what you need to include in your assessment is the 50% rule.

Those links will get you comfortable with all the different components of this community.You can also check out the File section, which is an organized place for all the giveaways offered on this site.Feel free to reach out to me if you have any questions!

Not rehabbing = more cash flow.Any major improvements I'd do upfront with the rehab components of the loans, if given as an option.