The owner ceased communication back in March, and before that, communication was sporadic and the owner was very difficult to get ahold of for updates.

Quote from @Kyle Winther: I have heard the stories about Inspired Health care ceasing distributions.

It is only after we have discovered it for ourselves that it becomes a common ground and a common bond, and we cease to be alone.”— Wendell Berry, The Unforeseen Wilderness: Kentucky's Red River GorgeLots of projects going on there.

I see people over-leverage and carrying costs eat them alive.

Just the plane tickets alone to get there from CA will eat up all of your profits.

The cops said it was due to a teenager climbing in through an open window and was eating donuts in the kitchen. 

Taking the risk, learning as he went, eating a few mistakes, and having a couple backup plans if one setup stopped working.

In my experience, the tasks that eat the most time are not the “big” decisions.

Im not risking eating a 200k or 300k loan.

Time delays and small repair surprises are what eat profits, especially when you are using hard money.For your first flip, keep things simple and predictable.