Cons: Yes, we can be in the slumlord category because we don’t improve unless absolutely necessary.

One thing to consider though, that most people don't realize, when you higher and pay for an architect/engineer to do drawings you get to count that money spend as improvements to the building when it comes time to get your commercial loan.

but maybe it will be like Habitat for Humans  although when you look at their projects houses biult as cheap as code will allow.. so to me I guess if you put them in dead and dying areas to spruce them up that could be an improvement

That's before considering capex/maint, vacancy (almost guaranteed when buying a vacant home), or any even improvements needed to get it rent ready.

Do any of you have a standardized process, workflow, or checklist that you use to run these deals?  

The 27.5 year depreciation schedule is for a residential property improvement as a whole.

Monthly social hours with hors d'voures, community BBQ, pool party/cookout, monthly car wash, monthly giveway's (gift cards, dinner with management, etc. for a small group (2 to 5...and post pics on your website) who provide feedback on what areas management can improve, etc.

My focus besides improving my golf game and dance lessons YES I take dance LOL.  

I believe information, experience and ongoing support are helpful in improving the chances of success in this (or any) business.

(Always remember that)I’d recommend diving into some BP forums, work with other agents (some of them, like my team have GREAT Off Market Opportunities) for distressed properties — there are also plenty of investors here who can offer insights and tips on improving offer terms, timing, and strategies.Remember that building a strong network of agents and wholesalers in your target market could be a GAME-CHANGER, helping you get ahead of deals before they even hit the market.Keep us updated on your journey!!