You can buy a rehab that needs alot of work and for a low price and finance the repairs in the 203k rehab.

You need to plan for vacancies and figure out who would cover repairs.

His numbers I was basically able to take utilities as he was in constant remodel mode I decided to use estimates for repairs/capex.So I did a quick walked thru the property on a Thursday.

I need a roofer in the Raleigh area for repair. 

Probably not likely unless you have a lot of cash in that checking account.From experience with my business (not real estate) no lender will entertain a line of credit without substantial cash reserves or very strong history to show.Probably better off trying to open a bunch of credit cards at the same time and use those for the repairs.

I am interested in buying flooded homes during Harvey but my agents keep on sending me homes that are flooded and it seems like after repair I am paying 90% of the ARV.

So far I have 1099, Advertising & Marketing, bank charges & Fees, Capital Expenses (for remodels) Car & Truck, Contractor, depreciation, donations, Employee benefits, insurance, interest paid, inventory assets, job supplies, legal &professional services, loans/points, meals & entertainment, office expenses, Rent & lease, repairs & maintenance, salaries & wages, taxes & licenses travel, utilities.

You need to set aside an amount to cover future major repair/replacement.  

Here is the code: "At the mutual inspection, a comprehensive listing of ascertainable physical damage, along with a repair cost estimate for each item, should be reduced to writing and signed by both parties.

He's aware of any repairs and update that need to be made.