(my target is at least $500 net after all proper reserves per home)Do you see any major strategic flaw in this plan?

as I belive some people are trying to avoid the hassle of furnituring style and overall cost but not sure if they are the majority in the market or not.

@Matthew Irish-JonesI think it depends on the scope of the rehab, it can be hard to find a PM to oversee a contractor on a major rehab.

You can still get it done even though you are not a resident the LTV usually is the major difference. 

It is still below the bank assessment but $184,100 increase seems a bit excessive considering is not a major city and no improvements had been done, any body familiar with assessments and stuff like this?

So at that purchase price and ZERO down (80 bank/20 seller) your after debt service income is something like 5k, which leaves very little room for error, one major roof issue or other capex event and you may be in trouble. 

The overwhelming majority are extremely low value assets in distressed condition. 

But then the majority partner would need to be very careful to not run afoul of related party rules.

Close within 10 - 14 daysCan anyone point out any major events during the purchase process that I'm leaving out?  

(Not including land, wetlands mitigation, major sitework, driveway, architecture,)