I don't have any personal experience doing it, but it is normal to me and most builders I know and follow have the majority of their projects sold before they're finished by doing it.

I would think that someone that has done a major renovation like this before would have a better chance of making money on the deal.

One reason I don't predict a major crash again well a few.. and why I think fence sitters may get a sore butt.is that so many of the NEW crop of landlords are better prepared than pre 08  they have more money into the deals they are far more educated.. the turn key business is far more mature and reliable than pre 08... so that helps those markets. financing has been locked in at historic lows 5 % and under long term money is ridiculously good.. also this crop of landlords had the best buying seasons ever coming out of 08 to 2011.. so asset values were reset to under replacement values and under by a long shot in some markets.. 

It is absolutely vital I have AT LEAST first months rent to cover the majority of the mortgage while I fix up the other unit.

When you make your pre-offer inspection you might see something obvious during that which makes that decision obvious and its age can give you some concerns about reusing the major components that gives you some concern about that which means you will have to remove sheetrock to repair that. 

If you put it under contract have it inspected to determine the current condition and life expectancy of all major components and appliances.  

I also believe there are lots of videos on YouTube, some selling products, but many just offering guidance on things that they have tried and worked or didn't work.  

Joe Scaparra where do you consistently find cash flow in major Texas cities in today’s market & these property taxes?

As we just got started I just wanted to see if anyone sees any major mistakes in how we ran the numbers. 

In our area, 3% deposit will immediately go to Escrow, preapproval from local major lender is carefully contacted with verbal confirmation that the buyer stands out.