If you find a Duplex or greater for under $250K and with rents common to the market at or above $1200 a door then you have some cash flow. 

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

I would recommend fixing it and then determining whether or not to sell based on cash flow and profit after the sale.

If he feels he still has rights to the rental and the deposit, then that also means he has responsibilities for the damage and is subject to charges.

Unit was rented by some one who was the manager for a about a year and then gave over managing to me.

I think you should start by understanding what it is your investors want out of the deal, analyze how the returns compare to traditional investments, and then see where you fit into this deal. 

Unlevered, completely different story.Good question, Yes.We will need $330K to close on the land, but if we simultaneously close on the construction loan, which we plan to do, then the true equity requirement will be $175Kish.

But I'm looking for the cheapest option to acquire for now and then work my way up to multifamily.

Then I began the remodel.

I will provide more information later.The two main setups are:1- Holding company in Wyoming if I want Charging Order Protections advantages, then a Series LLC in Kansas holding my Kansas RE and another Series LLC in Missouri holding my RE in Missouri.2- Holding company in Wyoming if I want Charging Order Protections advantages, then form as many LLCs as I want inside of it, one per rental or one LLC per 2 o 3 rentals.Fees are pretty reasonable and the same as they disclosed before the appointment, on their website or youtube videos.