The seller told me he tried to build a 3 unit over 40 years ago but got denied the permits to do so. with the housing supply being so limited, there might be an opportunity there to get approved to build another building on that lot in the future which would be a HUGE opportunity.  

Not yet - Didn't go Ikea due to supply chain issues but I bought some Kona cabinets that I may be able to sneak in an install this week if they ship in time.

@Adam Vieira I used to BRRRR my properties here (and did acquire a few off the MLS), but due to the high demand and low supply of inventory that Colorado Springs is currently experiencing, anything on the MLS won't have much, if any, equity left after the bidding war is over and rehab costs needed to bring the property up to speed. 

In the free sector you can ask anything you want (although you will be dependent on supply and demand and what other people are asking).

After COVID hit, prices on building supplies skyrocketed.

Given the condition of most markets, high prices, and lack of supply I would tread carefully if buying in Hawaii.

If you will be supplying any contents (ie. appliances, furniture, etc.) you need to insure that on the policy. 

And also, I’m guessing that I will need a temporary water supply and temporary power supply for the rebuild projects only, right?

Finding a turn key for 100k would be rare in any neighborhood In this area.With that being said if you’re looking to go the brrrr route in central Arkansas theres a large supply.

@Jeremy Horton First of all I will like to Congratulate you because you are already doing what many wanna be investors don't do very often (Analyzing Deals).Yes, 90% of great market has been very competitive since March 2020 due to low inventory (The Law of Demand and Supply) and historically low interest rate (money is cheap).Since you did not specify your market, I will suggest you may try any or combination of the following and see it it helps your situation:Increase your down-paymentBe more realistic with CapEx (If property is newer or recently remodeled)Manage it yourself for the first 1 year if possibleIdentify and work with honest and experience wholesalersPut in some sweat equity if you have the risk tolerance and willing to take that route.Goodluck and don't give-up.