Maybe do a dry run of what it might be like if you are going to buy the house but even if you don't even really buy it.

Having said that, the last time I meet up with an appraiser for a conventional loan purchase of a rental property, she pointed out a few pieces of rotted siding but failed to mention the more serious safety issues of the rotted deck that was attached to the house by the rotted siding and also failed to mention that the stairs and railing were loose and rotted too.An FHA or VA appraiser would have mentioned health and safety issues but the conventional appraiser overlooked those issues. 

Deals are also drying up here as well.As far as the ARM goes, I am a fan of them.

Or just leaving the LL high and dry?

They might be quoting all new board and you do not need it or only a few pieces that are rotted out.25,000 for that roof size is INSANE.

The gambrel is a unique style that at least provides more adequate clearance, re the upper roof line, than cape cods.The last property I rehabbed had 15 year old wood framed Pella windows that were NEVER installed correctly & this was once a 'model home'.All had suffered severe water damage & rot within the lower frames & sills regardless of any roofing overhang.The studs around the window frames exhibited rot, as well as some of the flooring directly below the windows.

There are still good deals for buy and hold, but the flip market has dried up somewhat.

@Bharath Janakarajan I think washer/dry hook ups add to the amount of rent you can collect.

Don't last all that well, but you avoid dry cleaning bills.  

Kernville is more of a river town rather than a lake town and even with really low flows the river is just as scenic as ever...the same cannot be said for a dried up lake.