That will be when you put in Granite countertops and hardwood flooring.Just an FYI, if you only do what is required to bring to code, you should be able to recoup all your money plus the 25 or 50% interest.

I would say it depends on just how "move-in ready" you are expecting.If someone is sitting on a property that is in relatively good repair overall, with the exception of some paint, flooring, and minor kitchen updates (countertop replacement/cabinet refinishing) for example, as a result of inheritance or a property that may be more of an afterthought for whatever reason, then perhaps through direct mail you may uncover a handful of decent leads/deals whose owners haven't necessarily yet put the wheels in motion to get rid of a property that they may consider selling once they are given a slight nudge.

I might be paranoid here...Countertops - I'm thinking formica/laminate in kitchen and bathrooms.  

Joe what did the kitchen countertops cost?

My house was a 1974-built foreclosure that reeked of smoke, but had nice cabinets and granite countertops.

And what if a section of flooring, or a countertop, or some other item in the house just needs a good clean instead of needing to be replaced?

no losses at all - all area is up and coming - 3 streets down there are houses with granite countertops... it's highly gentrifying .Did anyone out there ever do something like this?

Ok, painting is fairly cheap and easy, but what about more expensive items like carpeting, refinishing hardwood floors, maybe new kitchen countertops, etc?  

I read granite is best for long lasting counter tops for renting it out.

The countertops will be Steel Gray granite.