Distressed property to Rental Cash Flow

[Account Closed]

The question I have is regarding Rehabbing distressed properties and then using them as rentals. Do any of you focus on this type of investing? If, so what formula ( or guidlines, no one formula ) do you use to determine your purchase price? I am familiar with the ARV formula for flipping but would it be the same if you decided to lease the property versus selling. I am really interested in this business and would appreciate any feedback/direction/books regarding distressed to rental properties.