There's also the not insubstantial problem of sinking money into someone else's property and risking them defaulting (not closing) on their newly sweet units.  

Given that the Fed has obviously decided to maintain short-term interest rates close to zero (AFR) & continues to "purchase assets' or buy/sell debt securities, along with a very  aggressive injection of liquidity, it will by default force lower mortgage rates. 

Licensed contractors are generally a safer bet as they, by default, are more professional simply by having registered with the local jurisdictions.  

Plus the new American Rescue Plan Act has a lot of money allocated to preventing homeowners from defaulting on their mortgages..

- In terms of pricing, I heard that mortgage bankers operate using "rate charts" that are built for each specific mortgage banker based in part on their past performance (e.g. default rates).

You can elect to be taxed as an S corp, but by default it's pass through.I just replied to another post on this topic this morning.

I've heard of other investors using probate, foreclosures, defaults, and liens as additional motivation, but I haven't used any of those personally.

For Northern California or wherever expensive, the focus by default shall be Appreciation. 

At least 10% of all mortgages are either in default or forbearance with lenders on the hook for $5.5B/month+ in mortgages they aren’t getting paid for and can’t foreclose on with no relief from the Fed in sight.

Thus, it would make sense to me that roughs were NOT necessarily, by default required.