So, unless I know the property manager and their management characteristics, we will not buy a property with an existing tenant.

Looking at property with a rather large and unsightly in ground pool.

You get to see other properties with similar characteristics and base your rent on how much better (or worse) your property is versus a comp house.

You need to really know what characteristics made similar properties sell and not go much beyond that.

What characteristics do you look for to device whether or not this person is a good investment of your time?  

If you are a reputable wholesaler (or know someone that is) with properties with the following characteristics, please reach to me and I'd love to work with you.- SFH's that I can purchase at 70 to 75% of ARV. - ARV's on most of my properties are between $100k to $250k. - I am looking for good wholesalers with real deals, as opposed to the "wholesalers" that are marketing MLS listings, low income properties in rough parts of town, or properties that are ~90% of ARV.Thanks for your help!

From my limited experience it is definitely possible to purchase a cash-flowing vacation rental, but the house needs to have unique characteristics will attract more renters and warrant higher rent that normal.  

(Totals approx $45,000- depending on the pre-payment of property & school taxes).The total purchase price is above market value but that is to be expected given the characteristics of the offer.  

You need to really know what characteristics made similar properties sell and not go much beyond that.

And virtually everyone I have met who has moved here in the last several years shares two characteristics in common.