Read about finding off market deals and marketing to them; read about making offers and estimating rehab costs; read about building a buyers list; read about the analytics of a good rental property of flip property.

Also, the opportunity cost of leaving the property vacant for a year while paying a mortgage on it and not receiving rental income is much higher than what the marginal difference in rate will cost you until you cashout refi it.

In my local market (SE Michigan) construction costs have gone up but home prices have fallen.

It cost about $3200 (they will send you a discount code if you look at it a few times) and had 6 classes all 2 weeks long.

there are costs to close on the buy, costs to hold, costs to finance, and then MAJOR costs to sell, plus...

Folks tend to far underestimate the cost, and length of time, that it takes to rebuild from a disaster such as this.

BTW, PV is currently hawking a "we partner with you" scheme that will cost $9500!

Cost to build should not matter there.Look at your deals. 

The addition would cost me about $80k to convert the garage space into an additional unit.

But if I've marked those up by 30% then it only costs $1400 to fulfill.