Another benefit to thinking of it and doing it this way, is that it's motivating from a schedule perspective. 

I have a feeling that we should have offered a little less since the seller was very motivated.

I was extremely motivated to purchase a home we could BRRR and live close to rent free.

The notion of a contractor handling the property management in the end is attractive to me as, (in my mind) they will be motivated to get the work done quickly without cutting corners if there is a rental to handle in the end.While there, I met with 2 other contractors.

Hi BP communityI have been an avid BP podcast listener for months, and motivated to get into real estate buy and hold and buy and flip.

I don't know if I should've expected to run into more problems as we went through, but I sort of knew things would come up. 

When you talk to lenders, check into those sorts of details.

An age-old gadget of sorts that simply keeps one dry when the rain pours, the umbrella is actually seen as a nice metaphor for a one-stop shop in the business realm.

This would have been a 6 month project, and im not taking that sort of risk to buy it as is and hope the town allows such plans.What I learned:- FHA is possible on commercial- 203k really isn't that much work- PMI insurance is extremely expensive- Learned about commercial kitchens and fire codes- There are great people out there willing to help- Learned about conservation areas, what can and cant be done- I have about 6 new contactsIm out $900 for the initial HUD inspection, but happy to pay it for the knowledge and relationships.

That's just one example of how the technical aspects mesh with government aspects.Even marketing, being able to sell lots, is useful as is being able to get along with others and assess their abilities and motivate them to be part of your team either as employees, vendors, financial supporters, etc., all come into play.