I don't think I'm falling prey to analysis paralysis by wanting to make sure the most biggest holes are patched before I jump in.  

So, I found the opportunity to buy or rent a small patch of land on PCH in Huntington Beach that includes a billboard.After doing some research, there's no way that the ad revenue the billboard would bring in wouldn't cover the mortgage.I want to buy the property but don't have the money for a down payment. 

Patch of Land has been the best for starting out. 

Upgraded HVAC, replaced some old leaking pipes in kitchen/ baths, minor electrical upgrades, light interior wall/ ceiling patching and additional Cypress and Japanese Maple trees to yard.

massive cleanouts are massive. massive roofs are expensive. patch it yourself.

I am the same as @Dan Maciejewski no mods without written permission but we allow holes for pictures or curtains and request they patch and touch up before leaving.We do work with people on upgrades if the upgrade increases the appeal of the property.

Then theres the aesthetics of it clearing looking like a patch job. 

I've had had to replace planks, put in patches, spot sand, refinish original waxed floors, but polyurethaned oak as a whole just keeps in keeping on and printing money for us like nothing else.Granted, these are rentals.

Leave yourself a few days to clean things up, patch holes in walls, repaint rooms as needed, stuff like that.

fully rented now at 850 each for 4-400squarefoot studios, needs new roof, updated electrical, couple plumbing repairs, etc. its old....the owners have had this place 15 years and have only patched it up. we're looking at an FHA 203K loan.The numbers: tax: 405ins: 324util (landlord paid): 5005% vacancy 19010% repair: 380capex: 200termite bond/spray: 50total 2049/month, operating expenses.if we dropped the price to 300K, (and we're doing FHA...3.5% down) we add 1554 P/I + 204 PMI. 1758 + 2049 = 3807 monthly.estimating rentals can be upped to 950 (GREAT location, 400 square foot studios), this is our break even number...(270 asking price + 30K construction loan).Is this a smart buy?