The house doesn’t need much besides a roof, siding, paint, and some kitchen cabinets.

The house doesn’t need much besides a roof, siding, paint, and some kitchen cabinets.

simply do not take anyone's word for this landlock situation.. open escrow get a title commitment and see it it is actually landlocked.. if it is your remedy in the real world. is1. getting a neighbor to grant you the proper easement you will need.2. confirm from the city or county that you can access the property from this new easement..despite common statements folks will make that no property can be landlocked.. and there are remedies this simply is not true.. properties can be landlocked... owners do it to themselves.. not common but it does happen.As for the old house.. sometimes if there is no lead or asbestos fire department will burn them down as an exercise.. ( sometimes)biggest issue in many markets now is the lead paint and Asbestos remediation during the demo.. some areas they don't car.

I'm targetting homes that are about 15-20 years old and basically re-painting and re-flooring as needed.

That's to protect the investment and ensure one random event doesn't implode the whole deal.Then I look to do lower cost (to me) but high effect (to a tenant) items, paint, flooring, appliances, new gravel on a driveway...A few years into it, even if values in that neighborhood have also grown by then I should have a house above the mean rather than below. 

We would probably be able to finance the initial purchase, but would need to have the two units we are not living in cash flowing ASAP.As far as we can see it will need LBP remediation (in Alabama you can seal it and paint over it) so probably $6k in total for both units to be rented, and an air system in place.

I have made many changes to the exterior (new roof, paint and landscape).

The house didn’t need much work just some paint and flooring and will generate a little over $300/month profit after expenses.

I'm talking a house that needs a few drywall holes patched, paint all the way around, maybe some carpet or a small area of laminate, plant a few bushes.

The property is going to have brand new bathrooms, carpet, paint flooring, drywall, and a new kitchen.