What shape do you like your properties to be in?

[Carloz Gil]

If you are looking to buy and hold and primarily looking for cash flow, what conditions do you like your the properties to be in?

I've heard: property should need some work that way there could be some value added. If that is the case, what work do you like to do to it? And what do you want to avoid? Besides the roof and foundation.

I've also heard: Little to no work. Fast cash in and out. If this is the case, do you look for deals on the MLS or elsewhere?

What do you all prefer?

[Brendon Woirhaye]

I mostly invest in buy and hold for cash flow.  I prefer to find properties with some work to do, because something that is in great shape likely wouldn't meet my investment criteria (the numbers wouldn't work).

Also, if I do (or have done) the work, I know what I have.  Sometimes work done by a seller perfuming the pig for a quick sale is shoddy or very surface level, and they'll be gone by the time the problems surface.  

Roof and foundation problems are OK with me.  I just need to include the costs (time and money) for the remediation in my modeling.