OK, if 240 is just a hair under market value, I'm confused as to how this is a great investment, unless you are expecting some crazy appreciation or can rent it out for some obscene number. 

I started with one duplex and now own 1250 units (mostly larger apartment complexes.For now, I'd say keep your powder dry and get more education through some very specific books.Sound good?

It really isn't cut and dry it can be between those numbers.

Picture a complex multi-1031 exchange with clock ticking, hair on fire.

Things that are aesthetic specific, almost always I would buy myself, but the labor is pretty cut and dry on these.

If you are thinking rehab and resell, then documenting every step, showing you waited for all the framing to get dry enough to re-drywall and perhaps getting pro mold treatment with a warrenty would help mitigate flood value loss.

For this fact alone I your default has to be there is unknown hair on the deal.

The concept of an unlimited ROI was intriguing (using a hard money loan to pay and fix a buy-and-hold property and refinance after completion with essentially no money down).My questions are:1-"What happens when loans dry up such as during a recession?"

These homes are new construction located in a dry area of Houston, TX that was not affected by Hurricane Harvey. 

I know most of BP audience was not around prior to 08 so they are not up to speed what happened..When lending dried up in 08 it not only dried up it STOPPEd and it stopped for many years.. you simply could not get an investor loan unless you were one really high earning W 2 type professional.. and or the loan product simply did not exist.