In general it's a passive way to own real estate as the tenant takes care of the headaches and cost of repairs in most situations. 

Hi Ian,The best way to get this done is to refinance into a hard money rehab/construction loan.Not sure how much equity you have in the house but the ratio would be as following.75-80% * (Value of home+Cost of build/rehab) = Total Loan AmountWe would payoff the initial note (+ closing costs if loan amount exceeds construction budget & payoff), the rest would be in an escrow account for you to draw from as you complete your project.I would love to connect and discuss further on the details of this scenario!

I do not do a rehab unless it projects a value add of at least double the projected cost of the value add.  

They will go down sooner or later, and if deals work at the current cost of capital, then they will look even better when rates drop.Maybe it's time to evaluate other markets?

Primarily a rehab and buy/hold investor but open to connecting with those that do fix and flips and all things rehab related. thanks!

Marketing costs right now are roughly $1500 per month to make one wholesale deal of about $15K. 

Factor in an eviction cost and expectation if needed when you are looking at numbers. 

I would simply prorate the cost and bill the lost warranty value back to the tenant.

With the cost of homes in SD, I don’t think we’ll ever have remaining entitlement.

I would do research about the process of getting licensed in your state and what costs are entailed, then see how you feel!