Without reserves you really run the risk of having the first flip take you down.And IMO hard money, if you can get one as a first time flipper will be very expensive and more importantly, leverage will magnify what ever you do. 

If you are looking to simply fix and flip it, then appraised value is more important.

@Jeff SommerThe most important thing you can do right now is learn and network.Forget about trying to buy a deal in the next 6 months.

Also, it’s very important to use a server for all notices because it’s not considered served unless they actually received it. 

However, as always there are multiple ways to mitigate UBIT.The most important compliance concept to be aware of is prohibited transactions.

Not gonna break the bank, but I think this is as clear as day -- they are responsible for that $920.However, more importantly, only two tenants (of four), were ever on the lease, and only one of the four tenants ever signed the lease.  

Or is the point of the cycle the markets in equally or more important?

Very important question: Is your agent an investor?

When people have equity it's important to disclose intention and potential profits if one is a licensed agent.

The title kind of gave the question away, but how important is air conditioning when evaluating a rental.