This may seem obvious, but as a new REI interested in flipping (have no deals at present and no team yet) when should I start looking for a good contractor?

It is presently leased for $1500 per month.

I would honestly agree with the comments above.

As well as an investor, I am also a real estate agent so can comment on both fronts. 

It is presently leased to the original tenants since 2014.

Once the offer is signed the attorney presents to the court for approval of the sale.

I dont see that causing a big up tick in defaults. plus the buyers were much more qualified.I can see it on teh commerical side though .. with those that bought cash flow that only works at X and now they go to refi and its Y .. as they had 20 due in 5 loans.. i can see saw pain there. did not read the article but I will .. but wanted to comment on why i dont see a big spike in defaults being tied to interest rates.. i see sales slowing.. and such.. but not a direct line to defaults.

Praying the deal falls to us as we recently discovered there was another offer presented before ours, but they are having issues with financing. 

Again, any advice / comments would be very appreciated.

@Alisha Martin I cannot comment on how you provide your prequalification letter but generally, in Texas, the fee is somewhere around $400 or so.