But one piece of info needed is the average vacancy rate. 

ofcourse worth it to buy it and do whatever with it, from NY City area where even the biggest piece of garbage in the worst area starts at a couple hundred thousand and up, good luck with it! 

I would recommend a different marketing piece every 4 weeks for 5-7 months from past data analysis, but you should test this out for your market and see what works best response rate wise.Also, when you become more advanced you will want to do split testing and other methods.

You might figure out a way for the current owner to get a piece of the pie as well.

I understand when purchasing/titling properties and therefore holding or selling properties, in the name of your LLC, you create and operate a separate and distinct entity. 

I have one more piece of advice to share:Michael, before you start buying everything to furnish your rental, I think it's very important to understand who your target market is and figure out what would appeal to them. 

How yo get a piece of it is a different issue

Ruel, you may be able to find a contractor that will walk the property and give you an estimate, but it may be tough, sounds like the Realtor gave you some idea of the rehab cost and depending on how much you trust him, sounds like he may have told you a number that may get you the house. so 205K plus say 65K for rehab puts you at 270K. you have about 10K in purchase closing costs about 22K in closing at sell, if your intention is to flip the property ( if sold for 320K) so now you are in for 302K plus holding costs, maybe another 10K, so 312K. you could make 8K in profit, if you sell at 320K. i am guessing this is a foreclosure being that you said that not having a home inspection would make a difference with the bank in selling it, because most lending banks would want a home inspection. you can have an inspection for your own piece of mind but still waive the inspection.

Piece of cake.

Buying a distressed piece of vacant land to "flip" may just be shifting a problem from one person to another.