Good luck, and it’s great that you’ve built such a solid rapport with the seller!

All brick, built in 1920.

You are looking for issues with the foundation and any other exterior anomalies like giant trees that could be in the sewer line or pressing against the foundation of the house, evidence of buried tanks, where the septic and leach field is, etc.There are plenty more things to focus on as well, but these four are often neglected by newer out-of-state investors relying on an agent or friend as their boots.What else did I miss?

Or any clues on the document that would allow me to spot any major problem, such as foundation, electrical, plumbing etc.?

When purchasing and getting the home ready for rent.. many of the homes in the college towns in our area are built 1900-1930s. 

One building was a 1920 house remodeled in 2012 and the second building was newly built by a contractor in 2012/2013.

Those skills will be your foundation. 

Purchase price: $242,500 Cash invested: $49,000 This is an older house, built well on concrete block, that is next door to multi-million dollar houses on the water.

To minimize risk and build a solid foundation, I'd suggest starting with a single-family home or a 2-4 unit turnkey property.

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