Also they still need to be in good enough condition that they can be easily cleaned.

Not good enough to build a sustainable and successful business! 

The pre-qualification letter only says they've quickly looked at your application and think they can do the loan - not good enough in a competitive market.Some listing agents are requiring the buyer be pre-approved by the agent's lender of choice. 

Hi BP Community,I'm in the process of evaluating a fix-and-flip opportunity for a single-family home (SFH) with the following details:Purchase Price: $1,000,000Renovation Costs: Approximately $400,000Estimated Timeline: 12-14 months from purchase to saleI'm trying to determine what would be considered "good enough" multiples and internal rate of return (IRR) for this type of project.

Would it be a good idea or having a personal umbrella policy should be good enough?

The profit to effort ratio seems good enough.

You will usually not get a good enough deal, and you will be competing in the purchase against retail buyers, especially in today's market. 

would you suggest a local RE attorney form the oporating agreement with the roles spelled out should be good enough?

But if the manager is at least good enough that they care about their long-term reputation (and also trying to get you to be an investor in future deals)...then this might help.If they are a bad one (or a good one and unable to change), then this is unlikely to make any difference.Remotely you can also do things like doing Google maps drive-bys, etc.

Good enough for high class properties if done by someone that knows what they are doing.