Look for properties with potential for value appreciation, understand local market conditions, and be prepared with financing options.

Then, find out how much they'd like to sell the property for given its current condition and local area comparable sales. 

I'm talking (2) $60K duplexes, and one $125K fourplex all above 2.2% rent to price in fair/good condition. 

However, the condition of the property was much worse than anticipated, which prevented me from further negotiations.I have a rough estimate of the necessary repairs, but the challenge is that an investor might see this as either a full gut renovation or a moderately heavy project.

I saw the potential for a big profit margin based on the current market conditions, and what the house was currently listed for.

.- Contract Details and Terms: Carefully review the sales contract, including all terms and conditions.

Then you have whatever time you negotiated (often 2 weeks) to remove conditions.

The recent comps in a 1/2 mile vicinity for similar size and condition are up 15% from May of this year.

We have an existing 5 car garage which I plan on converting into two ADU’s, and an existing 400 - 500 sq.ft conditioned space that is currently not being used for anything.

The damages are clearly beyond normal wear and tear and I do believe that they are oblivious since when the handed the keys over they told us that they had maintained the unit in impeccable condition.