@Andrew Boettcher is correct.  

I would recommend you do as many of the calculators under tools to learn how they function.

A draw schedule could look like Spare rooms 1wk (week 1) 100%= 10kMaster bedroom 2wks (50% week1, 50%week2) = 15kBathroom 1 wk (week 1) 100%=15kKitchen/Living Room 4 Weeks (25% ea week)= 12.5, 12.5, 12.5, 12.5This should allow you enough oversight to catch stuff as it comes up and correct it before it's too late... and again it was a generic example ignore the costs.

Given the work I've done on our current house I already have any/all tools I'd need, and I'm confident I can do the work. 

Now, the assessed value is very rarely correct (which is why you should always appeal taxes), so this doesn't mean the building is actually worth that amount.

Pick different potentials in the same investment market...run the numbers before and have a list of what you need to know or look at, then run the numbers after...depending on the property and intent use one of the calculators on this site for every one...work it as and then use the tool to calculate what it would need to be  --  if they are the same then it might be the right deal.Once you have this then you can move to other surrounding markets easier...just make sure you adjust your assumptions to align with that market.One final note and this depends on your area, here in FL you have to account for what your property taxes "will be" not what they are. 

I'd imagine most of the horror stories you've heard about dealing with permits were people who didn't pull them at all or from people who didn't hire professionals to do the job correctly.

Looks like tax lien from private seller.Do I understand correctly they've bought an $85 tax lien with interest bid to 8% and now selling it for $1200 so that's where this investor makes their profit?

@Jordan Moorhead You are correct about the prop. tax issue, and there are also ways around it (not that it's smart to even get involved in the first place).

Thanks in advance and happy to be a part of the community.First question: Potentially have a deal lined up before it hits the market and would like to figure out if the valuation is correct.