I immediately noticed that it had some good bones, aluminum hull, and a new roof.

I worked and saved and cut my finances to the bone saving off 40% of my income each paycheck, then poof, it was gone into the down payment. 

Find a good TLC project if possible something with good bones but may need some upgrades.

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We all have our scar tissue.

Probably seems stupid that I would choose to move forward with this mess, but I had been beat up so bad with rejected offers and watching the list prices for SFR's continue to climb (what seemed to be ~10% in just 6 weeks) that I figured if I had jumped back into the hunt I could end up looking for a different SFR for as long as it takes me to bring this one up to code-- I'd probably pay more for that house due to appreciation than I'd have to pay to re-open any permits or I may be priced out (of the ones with enough meat on the bone for me) altogether.The original structure was built in 2003 (previous owners-- not the sellers to me). 

Essentially, aside from the "bones" spent $92K.The cushion I always enter a deal with, plus a hot local market, and bidding war saved me.

Some still are careful to leave meat on the bone, but a lot are getting really greedy and play loose with their statements regarding ARV and Estimated Rehab Budgets.

A lot of these homes in Hollywood have "good bones" and are structurally sound, however they are just dated and need cosmetics and someone with an interior design vision. 

It's got good bones though and if nothing else, it's good enough for now.