The best properties for this are "cosmetic fixers" where the "bones" are in good shape (structure, plumbing, electric, all the important stuff that is not readily visible unless you look close), yet it is a cosmetic wreck; dated finishes, dirty, smelly, ugly, hideous paint colors, etc.

I don't feel comfortable doing my first sub2 on a house 7 hours away from me and wasn't sure if there was enough meat on the bone to wholesale it to a more experienced and local investor.

I just want to know that the bones of the deal are good and that there isn't anything I'm failing to account for.

HUD homes are also offered to owner occupants first, and from what I'm seeing here, their 'AS-IS' value actually leaves quite a bit of meat on the bone (comparatively speaking).

@Duane Johnson I mean, you could try to JV with the guy, let him keep the house and you fund the rehab, and then you guys split the profit above a certain number, but again, unless that number is significantly lower than his ask, there's not enough meat on the bone

Long story short- How much meat is on the bone for the investors?

what is the language i should use when shopping around if i just want a bare bones landlord policy? 

I don't want to be cheap but I also want to make sure there is enough meat on the bone for our biz too.

I guess I could go through an attorney to research, however there isn't a lot of "meat on the bone" for this deal.  

We looked through the home it looks to have solid bones, could use a new kitchen for sure.