Yes, this comes with some risks and limitations and this strategy is not for someone without any reserve as it will put them in a very bad financial position.Thank you

(Available time, money, income, family situation, credit availability, time horizon, real estate market location and phase, medical situation, etc etc.)

You have to put 5% down vs 3.5% down, rates are usually higher, but if you have strong credit, your PMI cost can be cheaper than that of FHA loans. 

@Michael Almand, for a full line-by-line breakdown and scope of work, my preferred contractor will charge about $250 to walk the property but will credit it back if he and his team are given the job.

I know there are bad Contrs out there)2) Also in my experience, the customer should not be involved in picking up materials, ever.

Unfortunately - my current lot for my primary is 1 acre and VERY sloped, and close to a water source (creek), so the county has not even allowed me to permit my downstairs finished basement without an extremely costly renovation to our septic (over $60,000, and that doesn't count demo'ing and replacing our driveway to get to the existing tank and leachfield), and even if I could permit it, it would essentially need to be a treehouse in the redwoods due to the slope (not a bad idea though, I would actually love a livable treehouse on this lot!

But having a backup or two isn’t a bad idea, especially if deals start flowing faster than one person can handle.Good luck finding the right team!

@Hank Bank BRRRR is probably want you want to do.Buy, Renovate, Rent, Refi, Repeat.Before you go all in and either find out you don't like being a landlord or you make costly mistakes, start with just the next one.You'll have some challenges with tapping the equity in the townhouse:1) What loan amount can you qualify with your credit & income?

@Landon Sheveland  don't think your renovations will overcome a bad location. 

U will never get a dime of rent and you are going to have to probably do as you stated find your own attorney.. its better to leave property vacant than to rent to folks that have terrible credit.