Every deal is going to be different, and every different exit strategy is going to have its unique set of factors that you'll want to investigate, analyze and be aware of.Pick up a good real estate development text book, take some university-level real estate courses and find someone doing what you want to do and see if you can get them to spend some time with you.

I went to class one night a week at a local brokerage close to me and studied the rest online at home with my text books and online practice tests and video classes

The architecture 1.0 textbooks might list and describe house styles and roof styles as well as names for all the parts if a house exterior.

The school that offers the course does not guarantee any job or job placement after completing the exam.One alternative would be to acquire textbook materials for property management courses and then read them on my own. 

The textbooks from my real estate license were pretty useful. https://www.adventuresincre.com/ has great models as well

The instructions are meant for a textbook situation when you place the property in service the same year you purchased it.Longer and more accurate answer: you may want to pro-rate insurance.

But I'm apprehensive about putting my plan into motion.I'm seeking real world experience as opposed to the text books I've been reading. 

@Blake Gansborg,My favorite non-text book about real estate finance is: What Every Real Estate Investor Needs to Know About Cash Flow by Frank GallinelliI does an excellent job of breaking down different financial metrics and giving good examples.

Actually, in this case (targeting preforeclosures) it would be a little different than the textbook lease option (with right to sub lease) that you would negotiate with a seller.

When I asked him personally if the $20k houses he was selling were worth over $42k, he said definitely, so that would make my money back.As for him, yes, he seems like a complete, textbook narcissist.