Minimum $100,000 rehab based on my 10 minutes of inspection, shingles missing, foundation problems, cracked tile in house, cracked drywall joints everywhere in the house, rotting deck in backyard etc....

You buy it and now go to look at your beachfront and see a dumpsite of shingles or tires, that will cost you more than the lot is worth to clear out and maybe have the EPA just waiting for someone like you to jump on with fines for the cleanup. 

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

But we dont go down the chain to see if the roofer is paying his shingles bill though /  Having Subs you can trust is paramount in this business.. cheap is not always what you waant you want subs that are making money and pay their bills and have credit..

He said that the insurance company gave him a discount because the materials are less susceptible to fire than common materials used like asphalt shingles and stucco.  

This is the metric typically used on row homes or twins, detached structures usually add landscape or more siding and a higher likelihood of pitched & shingled roof.

. - Roof was installed extremely poorly, they missed several decking boards that were soft, shingles installed either with extreme overhang or none, 1 ft dip on one side of the roof- Lots of other smaller issuesBUT Kenny is paying for everything - the extension on my hard money loan, the foundation inspection, subsequent repairs, the roofing redo, and other things in between.

Appreciate the good vibes.We have a driveway, shingles, canal line is cleared and turbidity screen in place. 

I was talking to one roofer and he wants 16K for a metal roof to put over shingles.

No doubt; both of my neighbors at my vacation house got "free" roofs from guys who roam around after any storm and document that whatever storm damaged their roof - despite the fact they both had 15+ year old 3 tab asphalt shingles in the central Florida sun.