My typical path through a property is going around outside, then down into the basement, and then up through the house slowly with extra time spent in the kitchens and bathrooms.An agent or wholesaler intent on selling you the property, however, will often have a pre-planned route through it that points out its strongest features first, and only then proceed to the weaker features and major problems.You acquire the kind of reading skills you're talking about, and to a great degree, only over time and with experience.

Beyond adjusting the offer/rolling the commission into my calculations, I'm curious if anyone has strategies for approaching owner-listed properties with a buyer agent.Thanks!

If you have some money, another way to target potential sellers would be to get a list of pre-foreclosure addresses or addresses of absentee owners (people who own property in California but live in a different state).

Ask for rent roll even on a duplex.  

If you want a better rate you’ll need to finish the project and then refinance into a traditional residential loan.You might be better off going commercial or working with a lender that does both commercial and residential who can move you through different products (pre construction/post construction).

Possibly, they would even roll closing costs into the loan.

Your suggested $500/month cash flow sounds good, but that's pre-refinance.

I would say I'm concerned about "pre-deal" and "post-deal" items. 

Notes: -the mortgage pay off would be less than property appraisal (not cut into profits made)-the profits made would roll into a new investment property within 180 window

You can create a rolling capitalization of your POH/vacant lot strategy that way.