green when it comes to real estate.background I'm 31 currently living in my 3rd primary residence property i have bought in the last 9 years.First house i lost money after owning for 6 years.My 2nd house i broke even on money but did not pay myself anything for work done. after 2 yearsMy current home i borrowed 223k 30 year at 4.375%. currently owe 212k. no other debt.i don't have all the information about the house. will post once i have all details.what i do know is 2br 1 bath roughly 900sqft. unfinished basement with shower into floor drain. wood stove no hvac.small lot. single attach garage. roof may need replacement. not sure if electrical is fused. not sure if pluming is iron pipe. old neighbor hood but not bad area. i would live in area with my wife and 2 kids.not sure on value maybe fixed up sale for 70 to 80k.rent for 600 to 700 month.Potential property is my mother in laws and aunts house. they inherited this house from there father who pass away 3 years ago.the house has set empty while my wife aunts has paid utility bills and property tax on it.my wifes aunt has said she wants 10 to 12k to be bought out of house. basically the money she has put in over the years for plumbing repair and utilities and property tax.my mother in law has not said much on what she wants. if flip she did mention she would want 1/2 profit after i paid my self and paid back money i invested.i would rather rent property and have the income coming in.if i bought both my aunt and mother in law out for around 20 to 25k i could pay cash but not have any left over for any potential repairs to get ready to rent of flip.i plan on bringing my uncle who has been around building and flipping houses in the past to get his evaluations on potential repair cost.What do i need to do to be prepared for my first property for investing?

My lawyer alerted me to the plume.

Basement is fully finish with tiles and a new kitchen, all baths are renovated with new tiles,It needs a new kitchen since its outdated but they have new appliances except the fridge, all hard wood floor in good condition, high attic with enough space to make a medium size room, the outside is in perfect condition with 2 garages in the back with a nice size backyard all paved, new Boiler, WH, HVAC, Roof ( 2 years old), all new pluming, and the house is paid off.Ok so she's asking 285K which is below market value its in a VERY GOOD neighborhood in Elizabeth, New Jersey called ELMORA HILLS.Its gonna cost me about 20k to rehab it and the ARV is 400K. 

No pluming issues are seen.Data is form a onsite inspection last week. 

@Ryan Sasscer $800 to find a pluming leak?

(IF IT'S AN ISSUE WITH ME STAYING IN THE BASEMENT, I WAS GOING TO TAKE THE UPSTAIRS APARTMENT AND RENT OUT THE MAIN PART OF THE HOUSE WITH THE BASEMENT)My plan on managing this property:This home has a finished basement 1 bedroom, 1 full bath, living room with OSE, all pluming is done to add a kitchen.  

I never subscribe to using a nom de plume. 

And a 5 gallon bucket next to the toilet plume full also. 

You have to account for time to manage the property or pay for a property management co and I recommend getting a home warranty company to handle appliance and pluming issues.

Super easy to do (I did this multiple times when I rented homes in my 20s).Pluming issues (toilets, sinks, etc) - usually landlord, but it depends.