@Landon Sheveland  don't think your renovations will overcome a bad location. 

I'm currently in a rent to own house we are moving out of and will be renovating and renting.

The same thing applies when renovating a basement and adding bedrooms/sqft. 

We didn't do any major renovations since buying and renting it out, but Redfin tells us that we gained ~$60k of equity.

If you are focusing more on turnkey's then I'd suggest partnering with one of the investment companies so you can buy a property that's been completely renovated and that has a resident already in place.

Renovations were mostly cosmetic but included a new roof, windows, siding, front and back porch and patio, new flooring, paint, kitchen, bathrooms, fixtures.

2013 Built in a Class B neighborhood of Houston at 6% discount with less than $4,000 renovation needed.

With no renovations required, we leveraged market demand to quickly resell the property the same day for $85,000.

The surprises are often avoidable if not for bad underwriting......specifically underestimate renovation costs or operational costs.....overstate rents or "as complete" valuation.

Not only do they not repay funds, they claim we owe them additional funding for renovations that never actually happen.