The biggest challenges are the importance (I cannot emphasize this enough) of the team that you are working with and short-term financial challenges (you'll end up paying more interest for a few months) as well as maybe some sweat equity or personal time that might be needed (choosing fixtures, finishings, etc although that can also be delegated to a reasonably priced interior designer).What is important is for you to have a good assessment of your priorities first and also how much are you willing to be compromising in the short run for a much higher long-term return.

I am an out of state investor and wont be able to travel to the location to assess myself. 

The property was recently assessed at $21K.Since I’ve Rehabbed other properties with my friends.

But I also know of several management companies that have gotten into development lately to continue to grow their portfolio.Ultimately, you need to assess what your returns will be, and if it makes sense. 

You have to honestly assess your knowledge and skill level and determine if you will be able to successfully acquire and operate this asset. 

Don't let an inaccurate assessment of value be one of them.

You're best bet is a savvy property manager in the area, but if you're looking to not use that service, then I'll share the other tools I use to assess rent values:- Rentometer -- gives me a good basis of "rent comps" in an area that I can do further research on and determine if the indicated value range of rents is true for my property.- Zillow Rentals -- this may of may not be true in all markets, but in my market over the past 4 moths the rental Zestimate has become remarkable useful for most cases

Every flip I have ever done I knew exactly who my buyer was going to be before I even started renovations, it was part of my acquisition assessment, and it directed what my renovations would and wouldn't be.

I filed an appeal for property tax in 2018. AssessmentAppeals Board has 2 years deadline for the hearing. They called me today if I am willing to sign waiver for the postponning the hearing due to Covid-19. That proba...

The 2020 tax assessment on my new rental has assessed values for the shed and the pool under 'Yard' items.