Tenant Pays that let the water overflow onto the floor, You get bids for repair, may or may not be an insurance related claim, you could check, does your renter have renters insurance, maybe they could file claim with their insurance.Take photo's and your gonna have to work with tenant living in damaged unit, so be prepared to be asked for rent reduction for days of inconvenience. and clean up of their items. and this should be part of what's included in costs in my opinion. 

.- Vacancy during renovation- Closing costs, legals, accounting (bookkeeping and taxes preparation).

I feel you are only limited by your creativity.If you are interested in direct marketing I prepared a BP blog post a few weeks ago with a list of books that really helped me out with writing copy that got people to actually call me. here is the link  https://www.biggerpockets.com/blogs/5868/51959-how...I hope that helps you out.

Don't anything up front, however, you should be prepared to be able to verify that you have access to some capital to bring to the deal as most HML only fund 65-70% of ARV.

Before you know it, you'll have a significant amount of background knowledge and you'll feel prepared for the next step.Please feel free to reach out with any questions in the meantime.Best of luck to you!

I think the best way you could really answer the question is just to prepare a detailed estimate of your scope of work and all your expected costs (contractor bids would be best), along with comps to support the after repair value.  

. - get back asap to the inquiries you receive, even if it is a brief prepared message, "Thank you for your inquiry, It will be my pleasure to find the information you are looking for, and will provide you with same as soon as possible"  , then do it... under-promise and over-deliver- be part of the Board of REALTORS in your district, get to know the computer program used and practice- take part of as many classes; webinars etc as possibleThe list goes on. 

Preparing legal documents like this is not a do-it-yourself project, @Franchot Tone.

I prepared a blog post recently on the subject.

Be prepared to wait  or come back later in the day if they are busy at the moment.