Deals are everywhere, All the best  Agreed for those that want to risk D class inner city rentals there is never a shortage of those in any major metro that I have worked in from  Chicago , Cleveland, KC  Philly Balt  jackson MS Birmingham  St.

Plus there is lots of potential for appreciation because of the major companies developing here.

Your major obstacle is going to be finding deals with no money for marketing. 

As for ease of switching over, it really all depends on how organized your current data and business systems and processes are.

We have it listed for $184,900, and it seems like it could work either as a rental or a quick cosmetic flip.ARV: ~$235K based on comps in the areaRental Potential: Estimated rents around $1,700/monthCondition: Cosmetic updates needed but nothing major from what I can see.

What’s little know is that Washington recognized in the land he surveyed that certain parts of that land had potential for development, while the majority of the estates had less or even little potential.  

Then if you are only looking for cosmetic flips then you limit your targets and increase competition because every wannabe HGTV, realtor, interior designer, contractor, handyman is looking for the same easy flip.Its doable but lots of strategy and organization, hustle. 

If there are issues with these items are these major red flags?

As Erik said below, you could use a form of delayed financing on the cash purchase to pull the majority of your equity out and have for another property. 

Although single moms may be the majority, I plan on partnering with local organizations and non-profits that may market my rentals to individuals using their services.