I managed it myself for many years, but it is so nice to have a mgmt company even though that is an added expense.  

Sometimes you can uncover that amazing gem, but usually not.

I would also wonder why the first rehabber did not finish...is there more than the initial inspections/estimates uncovered?

Network with delivery people and see if they know any houses that are vacant, ask agents to help you uncover keywords in the mls "must sell quickly" "as is" "fixer upper".If you have a little money to get started, do an inexpensive mailing postcard, black & white through usps.com with a compelling message and mail it to a targeted list of people that may need a quick sale. 

I'm a huge advocate of that exact method of getting started, so nice to see it works all over the place.

Without exception, every episode of "Flip This House" that I've seen has a portion of the show in which almost immediately after purchasing the house and beginning the rehab, they uncover some sort of problem that they didn't budget for.

If all goes well with inspections today and the environmental survey doesn't uncover anything concerning, then I will own my first MFH.

I understand the concept of what I'm trying to do, it's just the details that I don't understand and what I'm trying to learn.Here is an example property on craigslist I thought seemed good: 4-plex (pictures and google maps shows that it is in a group of similar 4-plexes, like a small apartment community), asking $189,000Year Built 1981 Sq Footage 3,648 Bedrooms 8 Bathrooms 4 full, 0 partial Floors Unspecified Parking 4+ Uncovered spaces Lot Size 8,714 sqft HOA/Maint $0 per month I like the location allot, and from my time living around there I would say the rent is about $700 per unit, so $2,800 with all of them rented out.

Find what your market wants, uncover your competitive advantage, and fill an underexplored niche. . . . is what I'd do in your situation. 

Thank you Wheatie, it is so nice to have your helpful insight.