Buying a rental house out of state

[Lily Nelson]

So I'm a new to REI, but I have my eye on a duplex in KS and am currently living in NC. I work full time, so I wouldn't be able to take off a huge amount of time to get the place ready for tenants, personally. But it's a very cheap buy and has great cash flow potential.However, there is obviously some work that needs to be done. Kitchen/bathroom remodel in one unit. Needs new flooring - has bad carpet/tile/sub flooring. Wallpaper needs to be removed and needs new paint. And then I'm not sure what else needs to be updated. I'll be visiting the town in 3 weeks, and plan to get inside the house and have a better look/idea of what all would need fixing. I know I'd also need to get someone in there to inspect the place to tell me the things that I may not know to look at.

My question is, after you scope the place out, how do you come up with a realistic budget for the repairs, remodels, and labor? And what is the best way to go about making sure that the work is getting done within the time frame that you need, the way that you need/done right the first time, and that you aren’t being taken advantage of? Any and all advice is greatly appreciated!