Here in Denver, we find a lot of properties that can be split into two units by putting up a wall (split-level houses or houses with walk-out basements). 

I got a hold of the Seller’s disclosure and learned that the property had some stucco repairs done: On 6/25/2021, the Stucco Company did a Moisture Inspection Summary that reported back high levels of moisture in the walls, aged sealants, sealant separation, missing flashings, It was highly revommended that “a follow up inspection be done within 12-24 months after all repairs are compelted to ensure that the moisture levels remain within an acceptable level.

Just make sure there is enough equity in the flip and their experience level.

It barely breaks even, assuming the 10-2021 expiring rents can be raised to the level of the top two (are these market?).

If you do this, you will be shocked at your level of success. 

it depends on your level of risk. 

I don't know your strengths, weaknesses, or experience level but when I started I had a few skills, but more importantly I had motivation.

If your rehab is below $35,000.00 you are not required to have an FHA consultant, however I would spend the money to have one anyway, you just don't have their level of experience. 

Are there other creative tips or contingencies (or lack thereof) that you find increase the chances while that won’t impose an unreasonable level of risk?

We have 10 listings here on the island and have built the systems to run a portfolio of this size at a very high level.