My biggest fear is that there will be some very expensive repairs that an appraiser will not pick up (i.e. lots of mold in the walls and roof, lead paint issues, plumbing needs a complete redo, etc.) and push me well over my initial budget to maybe double or triple what I pay for.

So one of my deals I’m working on took me a while to get in contact with the owner but after following up we spoke and agreed on a price. i emailed him the contract and he said he didn’t like the dollar amount for the earnest money (which i had at $1 dollar) but instead he wanted $1,000 to lock the deal.

I just don't have the time to push this property while I am working on others, but I am happy with the flow and appreciation as is... for now.Good luck to you!

The foundation company has to follow the report.  

See the following. https://www.irs.gov/publications/p590b

Best of luck to you and I look forward to following your journey! 

Also follow recent sales of properties are are flipped, or rental properties you like.

We don't really have a check list that we follow, however these are the things we look for when we do complete an inspection:- Smoke and Carbon detectors are operational- No apparent leaks when running faucets and toilets.

Do most of the BP followers get inspections done as well?

@Blake Edwards  It's certainly illegal here in MA, plus there's a whole list of laws you have to follow with deposits, including disclosing the bank where the deposit is held and paying any interest earned to the tenant.I'd check CA laws, but it's unlikely that you can do what you're proposing.