Buying a property in need of rehab before finding a contractor - Is that unwise?

[Stephen Watkins]

Hi BP Community-

Is it prudent to purchase a property that needs rehab before you have locked down a contractor to make the renovations? I figure that I need to move fast on a "good" deal and then try and put the pieces together after the purchase. What's are pro's and con's of not having a contractor in place before purchasing the property?

Thanks in advance for the feedback.