(Education on the house is not a secondary component, several guys will just send their contractors out and assess the bids only, thats a move that only works for experienced investors) Good Luck! 

"Failure is a component of success.The opposite of success is not failure,its mediocrity (playing at a level below one's capability)"-one author said.there is need for massive action by us newbies (generate leads,make offers,follow up)

The large components will eventually need replacing.  

The tenant’s argument was premised on Civil Code Section 3302, which states that “[t]he detriment caused by the breach of an obligation to pay money only, is deemed to be the amount due by the terms of the obligation, with interest thereon.”

The key is going to be the substantial improvement component.  

The 203K is a standard FHA program that has a construction component.

Furthermore, the inspection must be performed by a certified liquid waste hauler and dated within six months of the sale.Additionally, there's a mandatory reporting component: liquid waste haulers are required to submit the inspection report to county health officials.

@Aaron Hoak a sale can be boiled down to three major components 1) location 2) condition 3) and price.

Knowledge is the most important component.

Keep in mind the other wealth building parts aside from cash flow that aren’t factored into CoC: tax benefits/depreciation, appreciation, loan pay down building equity.YUP COC is just one cog in the wheel end of the day its all about IRR that's the metric.I bought a bare piece of land in Northern CA for 27k in 96. never produced a dime of income and had to pay tax. sold it jan of 2020 for just under 2 million.. that's IRR  not COC  extreme example but appreciation in quality assets is a key component to long term wealth building..