Our agent shared with the buyer that we'd just put in new flooring and list if for more if they walked.

Thanks Derek for the advice that's really helpful, and yes as soon as she told me I shared my condolences and did ask a little bit about the situation but I didn't want to dig down too much to the point where it may be too personal for her to talk about to a stranger.I definitely like the part of continuously following up with her and building a relationship, that makes sense and once she is ready to sell then I think I will have a leg up on others.So my next step is to find out the ARV of the property through comps and like you said try to figure out how much repair cost it needs then make an offer.

PM me and I can share some info about my experience with my property manager.

Both are 1 building, 1 roof, 1 management company.Hope that helps.Thanks for sharing that, i was not thinking of it that way honestly, just was trying to figure out how people are switching to multifamilies and able to make more money on rentals... just was not making sense....I guess i am expecting to much out of my rentals, just trying to buy into good deals for rentals.. not just buy into anything.. 

I was unaware of this terminology but am glad you shared it so I am a little better prepared for future discussions.

Trying to better understand this process to see if it’s something for me - please feel free to share your success stories too!

FIrst, let me take the tIme to say ”THANK YOU” to all the professionals who share, give and network.

I cannot speak directly to the Houston market as I am primarily focused in NH and MA, but I figured I'd share some insights and thoughts I have based on what you've said.First, you do not have to be handy to successfully complete a fix-and-flip, AND, you don't initially have to have any contract contacts.

Great honest post with lessons learned and it’s amazing that you shared the journey with a newer person.  

We don’t know the exact language of your contract addendum, timelines within it, or notice requirements.