The thing that you have to remember is that the path of progress and a neighborhood "turning over" moves at a glacial pace.

Of those two, I actually like the first one better because you have a competitive advantage to that market and the amenities you could provide.

I can handle about 80% of the work for a property flip.

as mentioned the most common way is you do a cash out refinance to buy an ex out of a property.

However, you must have reasonable limits and hold to them.I give a great example in my book where a tenant abandoned a 2,000-square-foot home full of nice furniture, expensive jewelry, a brand-new $2,000 rifle still in the box, etc.

Many of those items are desirable by all guests, so I'm not convinced that you have to dial it in to one category at the expense of others.

Painting, for instance- an amatuer could take their time and paint a house over the course of a couple weeks and do a great job, but a professional crew could do the entire job in a day. 

With no mortgage on the property, you have significantly less risk in the event of a downturn.  

I do the same tropes of things in the Tampa Florida market.  

You now have possession of the apartment.