Is this problem solver method a lot better than reaching out to sellers as an investor looking to come in with the sole purpose of making a profit?

They are of all different sizes, conditions, number of bedrooms, some are in foreclosure, some are on auction, some for sale -- and all of these different qualities make it hard for me to compare.

Similar you say Oz and NZ are over-priced but compared to what - the US?

I agree with @Bjorn Ahlblad that finding a salvage group that can re-purpose some of the material would be a good idea too.

Does anyone have any insight to how insurance premiums compare between a 25 yr FP and a 100 yr FP? 

The numbers:Purchase Price: $28,500Equity: $49,000 (No Appaisal) Comparables are 45k and 53kFinanced: $0Improvement Costs: Projected $2,500 on tenant turnoverProperty Taxes: $700Insurance: $900 yrProperty Management: $58.33 monthlyVacancy Rate (7%): $42 monthlyRepairs: $360 yrHOA: $420 yrCAPEX: $144 yrMisc/Legal: $349 yrCash Flow:  $204 monthly Rent: $600Cash-On-Cash ROI: 9%Shoot me a pm or leave a comment if you have any questions or remarks!

All the county has to do is compare the current photograph from a previous one to see the illegal structure.

And of course done correctly you get stepped up basis for tax purposes then you can sell and not pay huge gains.. although you will have to talk to CPA about recapture.. or you do what a lot of folks do and 1031.. or you just live with the comfort of knowing you have millions upon millions of free and clear real estate. your grand dad is one smart guy .. 

A few people will get lucky, time the market perfectly and make huge returns compared to the other 90% that get into it that will do worse than the S&P 500.In other ways Real Estate is different though - first "Everyone will always need housing" unlike Bitcoin or Pork Belly Futures. 

You'll have more options if you a trying to BRRRR since that will allow you to create equity and refinance out a private lender quickly.Small multi family: This would open up the doors to house hacking and allow you to get owner occupied financing which will require much less down when compared to a non-owner occupied.