Only if they flip without a general on a non primary home as it’s defined by law.

Save your time and money on inspecting the apartments and ensure the building structure and larger components such as boilers, AC systems etc are in good shape. 

I'm not sure how you define "bad" but I would certainly invest in a low-income urban area.

It is important because there are some manufactured (aka "modular") homes that are built in factories, then carried to the site as components/modules and assembled on site. 

Nor are these the same as “Lender Instructions” which describe the documents the lender is providing and how they should be handled by escrow and/or title.Loan terms are generally defined in a “Term Sheet.”The note, deed of trust or mortgage, and lender instructions are not the only documents required of a properly originated loan.

You can break this down into the various components if you like, but a buyer isn't going to care about your estimates. 

Define your business plan (or goal) and then figure out which models best aligns with that plan. 

1) Find opportunity2) Connect with decision maker(s)3) Define possible profit4) Develop multiple solutions5) Implement solutionEx. 1) Find high equity property 2) You speak with the seller, they live out of state seller & they want to sell and are willing to discount far below market value if it can be done quickly with no hassles. 3) a.You can make $20k just by assigning the contract to a rehabber b. make $80k if you buy it yourself, fix & sell to end buyer c. buy & hold to rent and make $200 monthly positive cash flow. 4) Buy for cash, buy subject to , buy with seller financing, master lease property with an option to buy. 5) do what seller agrees to & makes you a profit

You bring those missing components to the table and break out the cash flow and equity.

Taxes and financing are a huge component.