Your response rate is dependent on a couple of factors.

@Michael Dunn, it is income and eventually yes a lender will factor that into their DTI equation for you.

Be very conservative on your ARV (final sale could be 10%-15% below your asking), don't forget to factor in construction overruns and discovery work (typically budget a 15% cushion), don't forget to budget acquisition costs (6%-10% of purchase price), selling costs (6%-10% of ARV) and holding costs (be conservative it will almost always take longer than you think or than your contractor tells you and may take more time than anticipated to sell and for buyers to secure funding).  

These are all factors that roll into the "work" that needs to be done. 

You might factor in the other ingredients before you buy appreciation, depreciation, and my favorite owing less!

I use SmartMove to do a credit/background check which factors into their score, eg. do they have credit above 600 - 5 points etc.

@Mark Byrge, @George Gammonmakes a good point in that you should stress test the property for all factors subject to change (interest rate, value, cash flow). 

A sfh may need a bit of time depending on a number of factors.

Note buyers do not have a relationship with your family and will be looking for a price that factors in their risk and effort.

A skilled business attorney would tell you it depends on a few factors; your risk aversion, the amount of assets you currently own, the type of business plan you have, and what your expectations and goals are for your business.