The house is extremely distressed and needs a lot of work done.

Hey Darvin, I like to keep at least 9 months of PITI reserves and then assuming the property is cash flowing I'll let the cash flow accumulate to build up the maintenance and capex reserves, that way I don't need to save up that money prior to actually pulling trigger on a new property!

Getting a contractor can be extremely frustrating especially if you need to make an offer without even looking at the property.

As you guys know, this market is extremely expensive.

Gary, I have done this technique in the past and would tell you it is extremely effective.  

Either way, the biggest thing is to pull the trigger!

However, the attitude one encounters from all people reading his work that (thankfully) fades within a few months after is one of extreme-ism and pride. 

We found them to be extremely reasonable.  

Cash flow is extremely hard to come by around here (everywhere right now), but these numbers look pretty decent ($250-300 "pure" CF, depending how you cut it), even after accounting for $900/yr. in flood insurance (owner currently pays $800). 

In fact, there is a term called “inventory insanity” that is being tossed out quite a bit these days.Simply put, it is an extreme, unprecedented shortage in the market that is causing otherwise logical buyers and their agents to go a little bit crazy.