I'm thinking about:1 replacing the counter top from tile to some other cheap alternative2.

(efficiency) was $450 a month and that was cheap four years ago. 

I plan to do some basic cheap work paint and new carpets/linoleum and then I want to move in and find a roommate or two.  

@Renee R.I don't think you can refinish it, but with as cheap as a lot of it is, I don't know how big of an issue that would really be.

I am not sure yet what are the main traits I should be looking for, but I believe that a good start would be a state/city/area that is: Landlord friendly (from the tenant- landlord perspective).Has a solid ROI Is considerably cheap (unlike San Francisco haha)Allows foreign investors Isn't too expensive tax wiseAny ideas and advice will be happily accepted :)Thanks in advance everybody!

Even buying the cheapest of the cheap, $200-$500/mo will still take a few years to buy and rehab.

This is something airline pilots and teachers will do: rent out a house where they can shove a bed in and overnight as cheap as possible.Ask her if she has a set schedule, or if she's looking for an "at need" deal- price from there.

I am trying to get a deal worked out where we will purchase the properties very cheap, sign a contract that gives us 120 days to make a larger payment, and during the 1st 90 days rehab them, then on day 90 pull some equity out of them and use that cash to pay off the wholesaler.

The current owner bought the property in 2011 for dirt cheap, apparently started a remodel, but then stopped.

I assume that 99% of the time there are senior lien holders like 1st or 2nd mortgages ahead of the HOA, but I also wonder if any investors use this as a strategy....buying a cheap lien to then take out the seniors if there is equity in the property?