@Steve Carruth@Derrick Dill gave you a perfect answer, I will just rearrange it slightly.This is a proposal only, and nobody knows when it will become the law, if at allThere is no answer to your questions in the proposal (and really hardly any other details)During its inevitable journey through Congress, the proposal will change, even if it was more specific todayWhatever law will be born out of this proposal will most likely be modified if not repealed during the next 10 yearsYou really cannot do any planning based on this vague document

No one is perfect and sometimes everyone, including the builder and the inspector miss something. 

The inspection may allow you to spot major issues (like a hole in a tank), but functional testing can likely only occur when folks are living in the house.

As Bill mentions there is a good chance the state requires perfection of the contract, so it will need to be public record thus anyone can see it.

@Chris Morey - I wish I had the perfect answer to your question as to finding agents in your area, especially looking for an investor friendly one.

Your post is a perfect lesson for those considering spending money when in fact much of what they offer can be learned in books and BP. 

As you know in the REI world, there is almost never a perfect estimation of costs associated with rebuilding a property.  

We run about 60 units currently which I feel is the perfect size, because we are big enough to partner with Marriott and have enough revenue to have a full staff but small enough to know all of our clients, some on a personal level. 

Here is Flip #2 in the Loch Raven area of 21239:Brick row home, 1200 sqft, 3 beds/ 1.5 bathPurchase price: $65,000.00Estimated rehab costs: $38,000.00Estimated ARV: $160,000.00Actual Rehab costs: $46,574.33Sale price: $160,000.00Profit: $25,700.83 (this went under contract within one week and closed six weeks later)Pre-Rehab Photos:Repairs Completed:Replaced inoperable heating system with complete HVAC system(Had to remove old oil tank that still had a lot of oil in it)Complete kitchen rehab to include granite and all refurbished SS appliances(put dishwasher and sink in the island to create more counter and cabinet space)Complete 2nd floor bathroom rehabPainted entire houseHardwood floors were in too poor condition to be refinished.

Fresno and vacville are perfect for this however make sure you research historic values and rents