Buy a 7000 dollar house or a renovated house for 35 000 dollar?

[Goeran Sonstrand]

Is it smart to buy a house for, let say, 7 000 dollar, renovate it, find tenants and then let a property manager do the day to day work?

Or, in the case you dont live in Buffalo your self, buy a fully renovated house for let say 35 000 dollar with tenants and then find a property manager?

How much does it normally cost to do the necessary renovations for a "7 000 dollar" house, to make it ready for tenants?

Anyone here who has experiences of these two strategies? Run down, cheap house or renovated house?