Let the seller pay your closing, and if not negotiate for things like a new roof, carpet, etc.

He said the kitchen is updated and it has new windows, carpet, and paint.

I've got access to hardwood floors quite cheap, and I figured that would be one thing (much cheaper than carpet).Would you go electric or gas for heat?

I am thinking hard about it, from my first walk through it looks like a lot of cosmetic i.e sheet rock tile carpet rehabbing..... although the survey is to come....

Bought 2 condos for $13,000 each cash (REO's) - painted, new carpet & appliances and rented immediately for $750/mo each.

When I arrived I found HUGE holes in a couple of walls, various wires within the walls had been cut, and some lengths removed, 5 interior doors that had been kicked in, truly nasty carpet, dead lawn, a kitchen that a hand grenade would have improved, a hole through the sheetrock and brick where a window/wall A/C had been removed, etc, etc.

Is remodeling allowed--replacing carpet with tile, new cupboards, ceiling repair, updating a bath, for instance?

refinish on the hardwoods, new carpet, the works.

For things like carpet and paint, you can apply Mike's materials based method.

(When I say Complete, I mean new Hot Water Heaters, New Furnaces, New Roof, New Windows, New Doors, New Carpet, New Paint, New Light Fixtures, New Electrical Outlets, New Bathrooms soup to nuts, New Kitchens, etc).