Buy milk bread and toilet paper .  

Just lighting, plumbing, toilet sink install, and a shower stall install, plus doors and walls?

Being it's a distressed property it will require a complete remodel.

The house is remodeled but like I said, its small at about 1400 square feet and comps are around 75-90 thousand.I have been approached with wanting to contract sale, honestly I always say no but didn't know if anyone had pros or cons they could share?

I don't need to see a toilet from 2 feet away.A photo of the front and back of the outside of the unit you're trying to rent out. 

If they do leave, factor in the cost to remodel/fix/maintain the unit for the new tenant to come in. 

We own another house out right that we are remodeling for about another year and its value is 250+. 

The sellers are using the newly remodeled interior to justify ridiculously high asking prices compared to comps in the neighborhoods.

Duplex 3/2 (large backyard) + 2/1$299,000 - $3,000 in repair creditsRealtor commission assigned to me at closing: $7,100 (my girlfriend was my Realtor and I am licensed as well)Current rents: $1,300 / $1,100Rents after remodel: $1,800 / $1400Estimated cash flow: $150 per doorRehab budget: $15,000Loan type: FHA 3.5% down (I will occupy 3/2 for one year then ReFi) Realtor: Morgan Marziali - Whitaker Realty *Review inspections but don't let them panic you.

If you can pay cash for your remodel and purchase you can effectively turn the same cash over and over again.