The cost of hard money also makes timing and accuracy of projections even more important.If it fits your situation, house hacking is the best way to dip your toes into rehab investing.

A prefab homes is built in 2-4 months so the holding costs should be too painful.

If I sell the house for what I bought it for net of costs, I would think that there would be $100k in gain + recapture.

For something listed through MLS, what does it cost you to use a realtor? 

Is so - what are the chances to get permits to build and what would you estimate the cost to actually get the land ready to build (water delineation, mitigation etc..)?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Is the cost segregation exercise worthwhile given the purchase price ($2M)?

We require all tenants to add us as "additional interest" on their policies, so we know when policies have been cancelled, but if a tenant chooses to violate the lease and not carry insurance they can eat the costs of their belongings if something happens. 

But then, some would argue that instead of LLCs (costly), I should hop for an Umbrella Insurance. 

I imagine SF and MF have a lower cost to play?