If you're good with these numbers, get a house inspection to find out if there are any other problems with the roof, foundation, HVAC, etc.Lastly, keep in mind that a big job like renovation is much more difficult if you're living in the house while work is being done - doubly so if you're doing the work yourself while living there.All the best with it!

Why are you buying where the neighboring buildings don’t have roofs?

I believe they stopped using knob and tube wiring sometime in the 40s.Roof - Of course in that amount of years, most likely the roof has been replaced at least a couple times, but this is also a big ticket items to look closely at.Plumbing - I think it was sometime in the 80s when PVC pipes were starting to be widely used.  

Some investors want a truly hands-off approach, and in that case the more units under one roof, the better.

I really want to get into flipping houses if not at least working on the in my own time, however; I am worried about the time and money aspect.

@Ben Russell- thanks ..ARM rates are definitely higher / worse than fixed rate options  ( especially on invst properties ) ...Use the  30 yr fixed option and make sure you have the delayed financing aspect figured out ....no way you will be able to get mid  6% range at this time 

If a seller says a home has a new roof, deck, addition, etc. and want to get credit for the value add, but there's no permit to back up the claim, forget it.

If the roof is leaking on the mobile home , and its been leaking for a long time , you are looking at a lot of work and money . 

This can tell me a lot about the age of the plumbing, roof, HVAC, etc before actually walking it.

Something else I learned recently, is that theres a ton of homes for sale with solar on the roofs, and that can be a very bad thing.