There are 4 other key aspects to consider when analyzing deals and they are - tax savings, principal paydown/equity building, appreciation, and inflation hedging. 

Let's say going in you think the house needs a roof, an AC, and some paint & general repairs for $10k, 5k, and 3k respectively.  

SE Michigan (House on Zillow says it's worth $348k it's a 3br, 2 1/2 ba), semi finished basement.My house currently needs a new roof, new water heater.

If it still resembles a mobile home, then you would unlikely get that appreciation from the market.I am not certain about the disclosure aspect of the property, that probably varies state to state.

He had to tear out the entire chimney chase on the roof, where he discovered a rotted area that was letting the bats in. 

What I had in mind was having a builder handle foundation, framing, roofing,electrical, plumbing, etc.

The appealing aspect here is the ongoing population growth and other economic factors.

I was able to find a few good subs like electrical, landscaping, roofing, AC tech, foundation, yet can't find a good general contractor. 

Roof, windows, landscaping, carpets, paint job.  

, roofer to see if they are getting into the exhaust vent on the roof?