Those management companies knew they had no units available.

Security deposits must be kept in a separate, interest-bearing account, separate from the property manager's operating funds.

We DO check to make sure that we have licensed agents and lenders on the "Find an Agent" and "Find a Lender" sections of the site, but we have not done the same research or built out our marketplaces for contractors, CPAs/Tax Pros, lawyers, property managers, turnkey providers, wholesalers, and so on.

So make sure your GC understands there will not be a 50% deposit etc - it would be more like a commercial construction type where you pay for portions of work when complete

I work on the Property Management side so lots of insight available from past Owners, my CEO with his large portfolio, and their experiences regarding BRRRR and what areas it's successfull here in Houston.

Since you'd be looking to hold this property long term, look at what the property's cash flow and appreciation would potentially be 5-10 years down the road to help inform your decision.All that being said, if you feel confident that you can cover the maintenance, capex, vacancy loss, turn expenses, and leasing costs for a few years while you wait for the cash flow to improve, and you have enough risk tolerance to handle a potentially difficult tenant in the first few months which could lead to zero rent coming in during that transition to getting a new tenant in place, then it sounds like a solid deal to get into with $0 down.Lastly, I'll also caveat all of my statements above by mentioning that this all requires you to self-manage the property. 

You might be able to find some materials online but you gamble on the quality.In my case this is what I follow:- Construction material locally so we quickly can resupply - Flooring locally (I find better prices and service this way)- Plumbing locally (I bought online for my first remo and quality was really bad) locally are more expensive but I don't gamble anymore as plumbing is something that is always a time constraints to complete and continue other works.- Electronic fixtures like fans, etc online.

These are very reliable buyers and they are experienced in renting and self-managing other properties, so it is all going very smoothly.  

I have been a self-managing host for 10 years and ditched my HWs a long long time ago (still have one on my personal home). 

Sorry for those who invested pre-construction.