I don't think your first property needs to be perfect, but doing the work in advance gives you the possibility of refi (in a good rate environment) or more equity on a HELOC.

Bryan,This is one of the biggest challenges when investing in C/C+ areas, and it’s even more amplified in D-class neighborhoods.

Value of land?

Check out investor lift, there are sometimes good deals on there, but make sure you vet the area and try to get a due diligence period on your offer, a lot of the times you can trust their ARV or their take on the condition of the home.

THank you,Richard  Yes Cleveland is one of the cheapest markets in the USA.

I can get her to sell to me for the current mortgage balance of$150k'ish.

@Lawrence Mitchell,Welcome to the BP community. 

Send me a PM and I'll send you a couple of examples of what is on the market outside of Atlanta so you can run your numbers and see if that fits.

There's lots of competition from everyone jumping in.

These documents include your operating agreement/ corporate bylaws, articles of organization, certificate of standing, and the EIN letter.