Lots of old houses were built before codes were enforced so we see lots of things like missing headers or strange methods for hanging joists or cut out structural elements for heating ducts and things. 

Primarily because if you use the money and refi out later the loan follows the refi property and pays off the heloc which gives you the ability to use heloc funds again.

I couldn't get financing for deals at first for very obvious reasons, but I have this ability to solve big problems in creative ways.

 :)  If you've got a local housekeeper and handyman you can count on, and the ability to respond to guest requests in a prompt manner, you don't need a PM.  

Cashflow provides security, proof of concept, financial freedom, and the ability to keep your investment in a down turn, but wealth in multifamily is built by forced appriciation, and tax incentives.

But if the renters burn them down, I would have the ability to rebuild what I had, just not the old wood and windows and doors:(My insurer does let me lower the amount, but if I go lower I have to sign that I understand that the property is insured at an amount that would not cover all the costs for a rebuild and I am underinsured by XX%.

He appreciates having the ability to flex to my jobs on rainy days, rather than pounding nails in the rain or taking the day off.

Would I still approve for FHA even if I have done few wholesale deals, or it doesn't matter and it has to be actually buying a property to lose the ability to use FHA?

Another point about Cap Rates, they are also a measure of ability to raise the price of the property for exit. 

I'd love to hear how market conditions in Waco have affected your ability to execute your business plan.