On houses below $200k, the 70% rule gives you too low of a profit - you need to lower it the lower you go (ie a $100k ARV would probably be a 60% rule).

Quote from @Bonnie Low: I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

I will follow the advice here to keep high deductibles and low premium and save the premium for any contingencies later.

Focusing solely on numbers often leads to the purchase of low-quality properties.

While it’s tempting to see the low-interest, self-repayment setup as a win, the key question to ask is whether the opportunity cost justifies the move.

You have to buy very low to make any money on the project.

Quote from @Arshiya Taami: Quote from @Brandon Croucier: You have 600,000 problems.Bridge lenders (HML) Want low LTV (65% Max Typically). 

Since you are using an FHA I’m going to make an assumption that you are putting a very low down payment on the purchase.

Its a long term low cost play for me.

There is a book in the library called "Low (and no) Money Down" that discusses the various methods of financing purchases.