But you need to have a separate budget item for major repairs.Property identifying and budgeting for major repairs is the real trick when planning for a full gut rehab.  

You can identify the two highest retail price ranges, in greatest demand, per zip code where you can list the rehabbed property.You can use the Realtor to help you find deals and also use Wholesalers.

It's very possible that it will be more insulated now than it was in 2008 and it can sustain another recession better than the last one - due to more businesses moving there and a bigger population - but I don't think it's as recession proof and a chance prices and rents have some sort of correction.Ultimately, I think the people that will do best acquiring in this part of the cycle are the people that identified unique opportunities that someone unfamiliar with their market would be able to determine.

Maybe first try and identify them in your market and then see what value you can offer them as you learn from them.

We're obviously ready to pick up the phone and dial until we identify a good contact.

Sounds like there are ways identified above for damage control on this one.

Here is how you do it and it takes work: Systematically analyze 100 properties in the zip code you are marketing (run .25mile, .5mile, same subdivision comps for similar houses; determine repairs needed, find out average days on market, determine your proforma, identify what purchase price you would have to get it at to make a profit using the 70% ARV formula, determine your profit after all costs incurred) Determine 70% ARV purchase price, rehab budget, ARV, and at least 2 exit strategies for all 100 propertiesView the inside and prepare a detailed rehab budget for at least 10 of themPost your best 3 properties on BP and ask for folks to give you their feedback on how you analyzedIf you do EXACTLY what I mentioned above, I guarantee you will then know what a deal looks like and your confidence will increase.  

But in the best interest of self-improvement, I think it's wise to identify and avoid the bad characteristics.  

But doesn't this leave us as wholesalers, rehabbers, cash buyers, or agents, the opportunity to identify the additional sellers who adopt the idea that selling their home "now" instead of later is the smart play?

My realtor was very helpful, and for it being my first property, he was able to quickly identify the weak deals i would have otherwise considered.