@Andrew AngererPeople see all these ads on Facebook or Instagram how they can make so much money fast flipping houses or other strategies.

I follow him on Instagram.

It is always great to hear inspiring tales from folks.  

I believe this is quite likely to end in a cautionary tale against overestimating ones own cleverness.

I made the mistake of jumping into the market on my own without any experience, so I have quite a few cautionary tales for you.Nik

I'd shoot for 6 month leases so you can have more regular rent increases :-) And if you think that hipster millennial won't pay good money to live in your C class neighborhood because it's all that's available, think again:http://www.sfgate.com/realestate/article/Box-man-living-San-Francisco-400-rent-Berkowitz-7215269.phphttp://www.businessinsider.com/crazy-things-people-do-to-survive-san-franciscos-housing-prices-2016-4Remember this is the same generation that thinks it's cool to pay $60,000 for a cramped 200 sq ft tiny house that they can park on their great uncle's lot and gladly post pictures on instagram about it all day long... until reality hits them:Tim explains how the reality hit him suddenly as well.

However, if the property is not ready and available for its specific use, then the payments associated with bringing it to a ready and available condition would be added to the basis of the property.So here's a tale of two of my projects that sort of illustrates the differences.Project A - was technically habitable when I purchased it, except for a rather significant plumbing leak.  

https://www.biggerpockets.com/blogs/9232/65113-applicants-lie-really-my-real-life-story-of-a-tenants-tall-tale

As I'm walking through properties I'm potentially going to by, are there any tell tale ways to determine the condition systems (house heater, water heater, electric, etc.) just by eyeballing them? 

Bill Faeth has a STR in Gulf Shores that he talks about frequently on Instagram.