This helps remove emotions and creates a common language for you to understand each other.

Betting its good old fashioned foundation damage.You will want to have not only an inspector take a look, but you might see if you can find a foundation company or structural engineer to check things out and get you a quote, because most inspectors will just tell you its a foundation issue and not provide any background on the scope.Foundation issues are common in Texas, every house you will come across will have issues to some extent.

Biggest common mistakes are overestimating ARV and underestimating rehab numbers.

and "does this particular project make sense?"

I'm also interested in note investing and being a lender if terms make sense.

That makes sense it would come with the appraisal.

So if your end product is 40k  lets break it down.. not a sales pitch or what you want to hear.your turn key company or provider is going to want to make at least 10k.. that's common in the industry.. that leaves 30k to do all this... your contractor putting it all together wants to make 3 to 5k.. so that leaves say 25k to put it all together.to have a sustainable rental.. you need New mechanicals new roof.. sewer scoped and replaced if needed up graded plumbing and electrical.. new paint and flooring.. cabinets and appliances and hot water heater.. this all cost at least 15 to 20k.. leaving you to pay 5k for the asset...

You'll want to keep your eyes peeled on the escrow statement (unlikely but one can dream) for a breakout of your purchase price between land and building, or the most common source is a property tax statement.

There's this sense of personal relationships there vs when a true management company is managing.

Thanks Jonathan, that actually makes sense to me.