Its super walkable, safe, architecturallly beautiful, there's great food, constant source of tenants due to the universities...I am not familiar enough with the other neighborhoods of Providence to take a gamble there yet, but am interested in studying Cranston.

Our agent is saying that there is pretty much no data to estimate what the appraisal will come in at, so it is completely gambling without this contingency in.

The book stays away from giving anything that would even border on legal or tax advice, simply because every situation is different, and even two people who seemingly have similar situations might need vastly different legal, tax and insurance needs.If you purchase the books here on BiggerPockets, the package includes the contractor contracts that I use (written by my attorney in the state where I flip) -- it's a great starting point, but as pointed out above, getting it reviewed by a local attorney would probably be smart just to avoid any state-level differences in contract/real estate law.As for insurance, in general, you're going to want a builder's risk policy during the time of construction. 

No it doesn't make those choices correct when gambling.

Exactly right,Appreciation=Gambling  To be honest no one has a crystal ball and knows exactly what the market is going to do in the future.

Living on the border between two towns (well...close enough to the Georgia border!)

i console myself by reminder that at least its toward investment as opposed to gambling or drinking etc, mehhh

But at that point, you're (somewhat) gambling on appreciation, which you may or may not be able to afford. 

You should contact @Richard Gamble on BP - he and his wife have rehabbed several properties about the same size as the house you are purchasing - to me the estimate seems low for a 900 sq foot house.BTW - Just had lunch again at Gus' and it was even better service than before.

@ Dev Horn - "Gambling problem?