I don't have an inspector on my local flips but I have done this many times and have a background in construction and know costs to repair potential issues (knocking on wood here).

In North Carolina, residential oil storage tanks are exempt from all technical requirements. 

Unless you have a background in rehab estimating and/or inspection, never underestimate the rehab work.

Just a quick background, I am living in Houston/Memorial Heights, Texas and looking to invest within 100 miles from my apartment.

We keep telling ourselves that at least it all of the "no-shows" would have been bad tenants anyway, and it saved us the time of having to run full background checks, credit checks, etc.

A little background.

a friend of mine and i are meeting in a few hours to start planning for our first property purchase. we both live in manhattan and are looking to purchase a 4-6 unit residential building in the nyc metro area (most likely an outer borough or nj) to begin buying and holding properties. we are looking for properties that will require work / reparis upfront. what are some important first steps that you would discuss with a partner upon starting up (i.e. financing, partnership structures, deal sourcing, property management, business incorporation, etc etc etc.). my background is in finance, and his is in architecture, and we're friends from college.

Technically, you can keep exchanging investment props until you die, then leave your last prop(s) to your heirs, who will receive a stepped-up basis equal to the market value at the time of your death.

Personally, I have some small background in architecture and construction, have my RE license (just now starting to do this full-time), am pursuing an appraisal license now, eventually will learn more about inspecting, and while I'm not yet an investor, hubby and I do plan to do so down the road once the other aspects bear fruit in the form of funds for same. 

I have a construction background and GCs in the family so I could potentially keep my costs much lower with a new construction.