Scope of Work: Clearly define the tasks and responsibilities the contractor will undertake.

Mortgage brokers are probably the most critical and least celebrated component to any RE transaction utilizing third party financing.

For example, an experienced plumber may suggest putting hammer arrestors on a plumbing system, to help alleviate potential water hammer problems (knocking noise) and prolong the life of components/fixtures/appliances, but the local building code may not require them.It would also depend on what you are doing the work for and how the deal #'s pencil out.

It can be tough to find properties that provide a good return these days even when putting 20-25% down, depending on where you're looking and what you define as a good return.

@Jack Montague There is no defined process for this that I know of. 

Again it depends on how one defines success.

In many areas str is defined as less than 30 days.  

Pros:Potential for Bargains: Auctions can offer properties at lower prices than traditional listings.Speed: The auction process is usually quicker than traditional sales, with a defined timeline for closing.Transparency: The bidding process is transparent, and you can see competing bids in real-time.Cons:As-Is Condition: Properties are often sold "as-is," meaning no repairs or warranties.Limited Inspection: There may be limited opportunities to inspect the property before bidding.Financing Challenges: Securing financing for auction properties can be more challenging and may require quick approval.Auction Fees: Be aware of any additional fees, such as a buyer's premium, that could affect the total cost.I hope this helps you out!

Note too that in Wake County, unlike decades past, there is no meaningful "foreclosure discount" (defined as the fact that winning courthouse bid prices were generally (historically) much lower due to the forced sale feature of NC statutes and Deed of Trust Power of Sale clauses) and this is confirmed by a recent Fannie Mae study. 

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.