I have found that town water is also HUGE bone of contention depending on where you buy/reside.  

Ok, now that you have taken your initial step, below are some quick links to get engaged. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/ However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Ok, now that you have taken your initial step, below are some quick links to get engaged. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/ However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

The home had great bones and only needed a few updates, including new carpet, paint, bathrooms, refreshed basement, and 3 seasons room.

Very little furniture, pretty bare bones place on the inside.Does anyone have any experience with a deal like this?

You will know when you have one with every  bone in your body.  

I think you can find 1.4 properties in tolerable areas of Minneapolis and St Paul that have good bones but need some paint/carpet/light fixtures and will meet your cash flow goal of >$200/unit/month, possibly even on the MLS.

newbie here too. just wished to introduce myself. formerly from washington, dc, i'm just getting started in the staging arena in california and i'm looking to make some connections as well. j scott and mike are spot on. get all your ducks in a row. the place has fabulous bones though. as for duplex vs sfh, do comparisons in the area. size of each apt and what that might rent for vs the sfh. it would be beautiful being returned to a single family but... and what are the costs of returning to sfh vs keeping duplex scenario...thanks and sincerely, sydney

If something I don't like that has meat on the bones comes along I might wholesale it.

Now, continue with the basics below and good luck with your local marketing and acquisition plans. http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessREI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.http://www.realestate.com/advice/buying-your-first-investment-property/ However, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.