It looks like a money pit to bring them back to life, and the average income in Oak Cliff is a paltry 45k a year, so you'll be hard pressed to ask for $1700 a month (I noticed they just built tons - and are building tons more - brand new apartments left and right which I would think would depress the rent market for the older surrounding busted up homes).  

After a few searches of Realtor.com and Zillow, I was hard pressed to find any multi-families and nothing that appears to come close to the 1% rule. 

a quick google found a lot of negativite press on this place.

It is a lot more nerve wracking than pressing the buy button.

I think you’d be hard pressed to find a lender to loan on a property.  

But since you have a short closing time, you'll be hard pressed to get anything other than hard money.

It makes tons of since and pulling out the cash does give me more reserves and keeps me off the bench in terms of finding more properties immediately once I get to VA.

I'll bite the bullet on this one and press on:) @Sam Shueh  Thanks for the input:)

It's also to really press into deepening my relationship with my wife, so I feel you.I'm looking more multifamily, but I'm early in the game and still in the learning process.

Although I agree that on a 3 unit property you will be hard pressed to find a P&L, I would recommend you still look at 3 - 6 months of utilities bills, rents collected, lease agreements and insurance premiums.With the above information, you can get a good feel of the income it generates and the overhead associated.As for waiving the inspection, I’m not sure if that’s a good idea.