I'm a licenced Broker and I also handle project management for flippers, contractors, etc.FEMA 50% Rule: ALL of the homes that exist in a Flood Zone have a 50% limit on work that can be done to repair them without bringing them into compliance with current flood standards.

What should give you pause though, to reflect upon, is his losing his contractor's license to fraud. 

After securing a deal, your focus will shift to closing, finding tenants, and setting up efficient management.If you haven’t already, building relationships with local agents, contractors, and property managers in PA can save you a lot of time and hassle

I like to be able to decide how I want to fix things and not a contractor that I have to hire becuase the warranty company says I do. 

I hadn't really considered buying houses that need a lot of work because I have no experience with hiring contractors for large projects, but that might be the only way to get a cash flowing property here right now.

Also, always vet contractors, even with referrals.

For his coaching he advertises that his coaches are paying members who are independent contractors & not employed by REtipster & that you are encouraged to evaluate them & determine their suitability for your needs.

Having a good team is important -- especially with lenders, title company and contractors. 

Do all contractors or PMs give you an Additional Insured insurance letter? 

One lesson learned: Create a good relationship with contractor and shop around for the best pricing on materials.