Experienced investor/agents do not want to spend days/weeks showing you income producing properties just to have you chicken out on each one.

It has been my experience that opportunities lie in market unrest.

Know when to walk away - the numbers don't lie!

But I will be lying if I say I am not nervous to take on a project like this.

I've even seen some pier homes built inland that way on low-lying properties as added safety precaution and likely easier than trucking in a ridiculous amount of fill dirt. 

Lying on the form is a felony.If you want to pull permits you have to be a state Licensed General Contractor.

And there lies the question. :) I'm just wondering from a strategy perspective, how would people look at this scenario.

I won't lie, got a little lucky on a few things.

I'm going to add in something here - a lot of SFHs are going to need to be purchased at low prices and have decent sized rehabs to be completed to cashflow. 99% of stuff on the MLS will not cashflow Off-market is where the opportunity lies - if you can buy a place and complete the rehab for 80% or so of ARV you are probably in a pretty good place to cashflow - if not, you then have the opportunity to leave a little $ in the property to force cashflow.

And if it does produce more than 5% you have to do some serious homework to make sure someone is not lying to you, because they most likely are.