Then if it turns out I don't need one or more of those things, it's a huge win.I guess my question is, worst case (foundation issues aside), what should I expect to spend rehabbing a completely gutted 1000 sqft house?

This has been discussed a lot here, but generally the smaller you are, the less protection you need.

Your locality will state which rules specifically you have to follow, but if someone applies but does not fit your criteria (So long as your criteria doesn't discriminate against protected groups), then you do not have to rent to them.

@Josef Roberge you have no reason to set up an llc, what liability Is extended for a referal that possIbly requires liability protection?

I would spend a lot of time looking over costs as the first flip usually will go over budget.

Hey Craig,I'm based out of Kansas City and work across the nation helping provide asset protection services. 

It's also good from an asset protection standpoint that you're establishing an LLC in advance.

.#3  Make more or spend less.   

Granted those houses were in locations with a higher market potential, which allowed for the spending of money on things like the fireplace.Guess i will just have to open up some walls and see what happens.Thanks for the advice

I would like to be confident in a way forward before spending $750 / per appraisal for them to come back low.