I have walked through a few properties that I know would cash flow. 

If not, I recommend commissioning one and only taking their counsel on tax-specific questions.I have a list I keep updated and recommend through our REI bookkeeping firm if you don't currently have one.They can walk you through exactly what you can and cannot write off during these trips and what you need to document in order to write things off.It's not necessarily a simple "yes" or "no".

@Tim Bee, what @Russell Brazil said but also when it comes to restoring the property to its original condition you can require them to escrow the funds to do that restoration work up front because we all know its hard to collect from people as they walk out the door. 

I’d be happy to walk you through how investors like you are getting started here!

Especially this part: Walk-through/ inspection checklist with seller. 

Whos'  walking them for you and getting your reno budget? 

@Levi Five O One Blues  RUN, don't walk away. 

By working within a territory versus a specific town/city, we are able to take ourselves out of "NEEDING" to make a deal.This in turns allows us to "WALK Away" from an offer, thus we can make a "FINAL OFFER"; knowing the Seller will accept or we are okay walking away.  

And if the appraisal came in at what you had given them and if they're going off actual rents which they had from the get go, then tell them you need 75% LTV or its a no go too.Sometimes its better to walk. 

Forget trying to walk them through a simple repair over the phone, to avoid sending a ServiceTech and saving an owner money.