Despite the guru fed “misinformation” about all these under market price deals, they are actually very rare and require (1) the investor recognizing value that the seller and the rest of the market misses or (2) a seller with a need for an immediate sale and a buyer with the CASH immediately available to conclude a very quick closing usually forgoing inspections, financing, and other contingencies. 

Are you looking at properties that only need "cosmetic" rehab or are you open to deals that require more rehab?

One of my wholesale lenders used to be willing to finance these, I can't remember the CLTV requirement of the top.

Low cash flow requires larger reserves.  

I would simply hire a good civil that has done development in that jurisdiction and pay for a feasibility study and let them run through all the check items.. but thats really just the start.. also for context .. these projects require 350 to 750k in CASH up front to get to approved plat status ..

Anything single family will require very creative strategies in order to generate cashflow. 

FHA loans require living in the home as your primary residence for 1 year after purchase.

While personal loss is difficult and understandable, running a business that directly impacts property owners requires a contingency plan.

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

Most of the PM work is done on the first 3 months of the management, then we can recoup our expenses. 2. this Is legally required.