Fix anything thats broke , give it a fresh coat of paint and rent it out . 

As an agent I always tell this to my investor clients who are looking to sell:If it is a single family home - you are better off selling it vacant with fresh paintIf it is a duplex/triplex/quad - leaving one unit vacant and "rent-ready" can be beneficial. 

This profession can be tough, especially when starting out for reasons mentioned above, but it is also extremely rewarding, fun, and allows you the freedom to live life the way that you want to live it rather than sitting in a cubicle being yelled at by 4 different bosses about a deadline.  

So far, it's been a great decision as my wife is having fun and we're turning a profit.

Fun discussion!

I had to do that last month with another property that they were managing poorly   :-(  Good start but get prepared for more fun my bet is on the bailout.  

Start fresh with new numbers and requirements.

Modest flip, basis 120k, 20k reno, ARV 180+, not exactly 70%, but a fun project near both our personal houses.So I guess in this case we couldn't form an LLC to hold title because then I'd assume 50% ownership in a property with no skin in the game...other than paying for inspections, etc.

Sounds like a fun and cheaper alternative. ewe_sneeze is his IG handle for his renovations...He is a real nice guy if you want to message him, im sure he would let you know his process or at least direct you to the YouTube page he learned it from :)Good luck!

This is why a commercial development and investing is so fun.