I've sold rentals before and almost always was asked for a copy of my Sch E.Also during the due diligence and inspection, try to talk to the tenants directly to confirm how much they pay, and also if there are known issues that haven't been repaired (roof leaks, frozen pipes in the same area every winter, etc).

Have had 2 appliance repair men tell me they are worth the investment.  

Based on the results, you may want to renegotiate with the seller if repairs are needed or confirm the buyer's interest if the property condition impacts the deal.

maybe the owner wants full retail price even though it needs all these repairs... and thus isn't a deal. 

A turn-key property allows you to walk into something that is ready to go to be rented out with minimal repairs, or it potentially already has tenants in place.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

@Kristjan MeitzFor out-of-state properties, a property management company is recommended for tenant relations, repairs, rent collection, and compliance with local landlord laws.

Also, if the contractor is performing the work or the repairs on the property, can I count that time the GC spent as my own time in the activity log since he was doing the work on my behalf?   

-is it a good time for a person with no savings and no experience to take out a HELOC or personal loan and buy a random property in a state they've never been to using 100% leverage because made up spreadsheet math assumes no vacancy or capex or repairs ever and rent growth of 9.2% a year until 2074? 

I lined some prospective new tenants kind of took my time, was picky, didn't find the right tenant yet, plus I had to get in there and paint/repair etc  but towards the end of the 60 days I was showing the place to some i thought was gonna fit and lo and behold the tenant calls me the day he suppose to be moved out and told me he changed his mind, going thru personal stuff and wanted to stay.