Cause this could be an avenue to explore as well.  

Budget $15-$20k for a rewire.To take it a step further, if you build a relationship with your subcontractors they may even teach you how they estimate so you can repeatedly build a robust estimate completely on your own.Excluded from the above is foundation issues & outages in the framing (often caused by foundation issues).

Security Deposits are for damage to the unit, not rent.

We are with you every step of the way……..until your check clearsplease do a thorough vetting of any investment you make, at least if it is a size where a loss will cause you concern.   

Cause any great deal you find in those channels, be certain dozens of other investors are also stumbling upon it, but that's what I would do if I wanted to stay in the home market and had that type of capital.Or, find a market where you can get into a house for 90k - 110k and then you're in a market where you make need 30k - 40k in capital to see it through to the exit.

As for damages, everyone uses the house differently and it may not become apparent for a few weeks or longer. 

Comprehensive CoverageBasic Coverage: Covers specific risks like fire, theft, and certain weather damage.

The deposit is for damage.

This would mean your class of tenant causes more damage than expected, or hail destroys your roof *every 5 years* or something similar.

@Mike TikhRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?