As far as financing goes I have been looking into the 203k FHA loans and then refinance with something more concrete when the property is rehabbed.

They just built a couple of massive and mostly vacant apartment buildings downtown. 

I have never rented anything before, so this is my first couple of steps into this, so I may be asking massive amounts of questions about that soon. 

In general,newer is better.Unless you're talking about historical homes in special historical neighborhoods,a 70 year old home is gonna be worth more than the homes pushing 100 years that are probably long overdue for massive repairs and remodeling (new plumbing,rewire the electrics,new roof,water heaters,etc.

I don't like to plug in uniform, base rent increases, etc because you may be buying way below market with massive increases initially then subtle 2-3% across your ownership, etc.  

Well, now I could care less about his feelings and am curious if I can bring in 40 yards of rock, and pour a nice concrete road from the state road to the edge of my property and still be within my legal rights.  

I know there's no concrete answer to this question, but hoping someone with a lot of experience (hello @Brian Burke!)

I like simple finishes like concrete floors.

I think you should work on building your personal investment portfolio which will provide you with immediate benefits, along with using self-directed Solo 401k which will be very powerful tool enabling you to build massive wealth over time.Hope this helps.

When I first used is before upgrading I was able to expand the repair cost and enter itemized details, such as roofing cost, concrete, Etc.Regards Leo Carrell