There are materials that will do this, remove the trim and seal the wood on bottom and sides, then re-apply the trim....

Finding good deals has been and always will be tough. 

Problem is, most roofing Mfrs only cover materials in their warranty....In my mind these are minor issues and I wouldn't let them prevent me from purchasing the house....as long as you fix them that is...

@Enis Shehu I really like your outline of the deal and the thought process that goes into it...very thorough material.

I feel like I've read too many stories of out of town investors jumping on what they thought was a good deal only to struggle through a tough rehab or even through bad property management.

Builders often have an escalation clause built in that says something to the effect of “if material costs increase more than 10% during the time of construction, builder can raise the price to cover the difference”. 

You could even work with a real estate agent and find properties that are listed (although this is very tough right now with limited inventory).   

If I see several sources (what we'd call in the Navy "corroborating indications") that AZ is a tough market, I have a hard time convincing myself to look at it from a different angle.  

Anyway, I ask because I had a conversation with a co-worker that I would always try to work with someone that hit on tough times if I could, and a crazy idea like this might really put a smile on my tenants faces and better yet, provide even more loyalty to produce less tenant turnover. 

Study the materials needed for passing your states real estate licensing exam3.