Start with the end in mind --- what would be the investor's exit strategy for this home? 

The deal is risky unless you know the market well, have experience executing this strategy, and have accounted for the quality of the asset and tenant. 

Clarify your strategy—whether it's rentals, flips, or house hacking—and build a team of agents, lenders, and contractors.

It requires hard work, strategy, and a willingness to take on projects others might overlook.

Talking to others also gave me insight into different markets and strategies, which made it easier to figure out where I wanted to focus my efforts.A simple tip I’d give is to start small and grow gradually.

I was hoping someone with some experience would be able to answer a few questions I have, such as: What kind of deal finding strategies are most efficient in areas like these?

The first thing I ask is why am I Buying the property.I always look at the exit strategy first, is it going to be a rental, a lease option sell, am I planning on living in it.

However, co-living allows you to acquire properties with as little as 0%-5% down, drastically reducing the amount of cash required.Instead of needing $100K+ to buy a rental, a co-living strategy lets you start with a fraction of the cost while achieving higher returns.3.

Also the strategy you are implementing plays a huge part with how to proceed. 

Here is a newly created resource on BiggerPockets, which touches out cost segregation, accelerated depreciation, bonus depreciation, depreciation recapture, Real Estate Professional Status (REPS), STR Loophole / STR Strategy, example properties, and more.Cost Segregation 101 Author: Sean GrahamHappy to answer questions :)