Stay out of that price range unless you are prepared for a long grueling restoration.

@LeRoi De-Souza-  you are not able to use a FHA loan for a rental property purchase ....depending on the size of the  property ( 1-4 units ) - you should be able to get a conventional loan ....85% ltv  is possible for a  1 unit  rental purchase ...get  formally  pre approved so you can  get orgainzed and  prepared 

While you are in the phasing of preparing, I recommend getting the board game Cash Flow and playing with friends. 

However, lately I have been seeing appraisals come in lower than anticipated so be prepared for a value cut (Subject to your market of course)Lastly, you can do a delayed purchase and use 100% of the initial cost so as long as the loan amount does not exceed 75% of the new appraised value.

FHA loans are generally more straightforward, with lenders typically requiring verification of your credit and income.Be prepared to provide financial documentation, as the lender will need to ensure you can manage the additional mortgage payments.

And remember there is always another one - if you fail to prepare then you prepare to fail...and as Henry says - start small and make your big mistake early.

Aside from well drafted contracts protecting all parties to a business transaction, the process of preparing and executing contracts in itself slows down processes and allows for more thoughtful decision making, diligence & vetting.

Again, be prepared to call A LOT. 

But be prepared to show everything.

As I was preparing to structure my offer, I got a call from the property manager informing me that the owner had traded this property to a friend for an RV and an ATV!