Cabinets often get destroyed in rentals -- you'll need to replace them and you won't be able to easily with epoxied-in granite.

They will destroy the place 

Has anyone here purchased land destroyed by wildfires?

the risk though as you state is you have folks trying to do their first one who don't live anywhere near the project.there is a reason most banks wont lend on construction projects to anyone who lives more than 100 miles from the project .. they learned this over a very long period of construction lending.and your right the spreads are simply not there to achieve the perfect BRRRR  locals can probably get it done. but out of state pretty tough.. to very rare.. so then if your leaving equity in ..   

If the seller isnt willing to budge on price and listing expired then they most likely wont be willing to give a significant enough discount for a wholesaler.

Other than that it does not require much work.On the other side however there is a tenant that has managed to find a way to put drywall anchors into every unforgiving place along with destroying the carpet and trim in most of the house.

One big mistake landlords make is over pricing or not targeting your market, look at rentals for homes in area, not just neighborhood, you wont get much more for 5br then 3 because demand is slower in rentals of that size.

Hi @Sunil Kumar -1) Yes, I'd highly recommend you have the property checked - in addition to termites, the inspector will also be looking for dry rot, fungus and signs of other wood destroying pests.  

So to me, long term appreciation is just a bonus and even if my properties lose all their equity when the market crashes (and I wont lose all the equity - it will just be reduced), the cashflow on them will continue to sustain me as they are now.And when the market crashes, I have enough cash to buy EVEN MORE apartment buildings!

@Adam CraigThe lender wont increase the rate for having a seller carry.