Depending on how you buy materials/pay contractors there could be money out of your pocket while you wait for the funding portions to catch up with your expenditures.

@Danny Chan I agree the trustee sales are competitive and you need a really streamlined and in house construction crew to make it work, its not a sandbox I chose to play in either.I am planning to roll out some direct marketing materials in Spanish to specific zip codes its a fairly simple process to determine which areas to implement this.

This is one reason I'm thinking to start with a small SFH portfolio where prices are more pure supply/demand for housing and not driven by the yields global investors demand over and above risk free rates. 

We also bought a stand alone home to rent on the short term market last year in Lynchburg, VA, the home of our alma mater. (I

Rental must use better quality subfloor material taking up the tolerance and able to keep animal urination.

Again no judge is going to give you money for work you do yourself (except materials) only for actual costs you have put out. 

But I've also been in that boat so many times that I finally just figured the worst I could do, in most instances, is be out some time and materials, and I would learn something along the way.

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.

They add cost in terms of framing time, fire rating material, engineering, and spray foaming.

Isn't roofing material shingle or tiles and below that would be paper and plywood.