Newbie opportunities in a not so great part of town

[Joshua B Pruitt]

Good Afternoon everyone, I am currently a licensed real estate agent in Florida and a couple of opportunities are presenting themselves to me. They are properties that I may be able to get owner financing on one and pay cash for the other. I'm estimating purchasing both properties at $45,000 each, 1 all cash, 1 OWC. I estimate that 1 will bring about $1000/month in rents, and the other will bring about $1200/month. Each will need approximately $10K-$12K in upgrades/repairs. These properties are not in the best part of town, in fact, they may actually be in some of the worst parts of town.

My wife and I are very interested in getting into the buy and hold realm, but really have no idea where to start and don't want to get burned. We really have no idea where to begin to determine if these would be a good deal or not. We also want to minimize the likelihood bad tenants.

Any advice is much appreciated.