As far as i know Janesville doesnt any local restrictions on either type of rentals currently.

The seller would have to be paying us to take the property if we wanted to make that amount.We make use of the tools here on BP to help frame out a deal as well as using our knowledge of the local market to gauge what a property will be worth renovated. 

Are you looking for properties in your local market? 

your comment around "approvals will be easy to get" gives me pays if you've not done this type of project before, I understand your logic, and I don't know your local municipality but it always seems to me that no matter how easy we think a project or approval is going to be, something always comes up.

It’s the perfect opportunity for an investor hunting for a smart deal.Located in a great area with a charming downtown, awesome local restaurants, and plenty of outdoor fun by the Guadalupe and Comal Rivers.This is one of those homes that doesn’t come around often—a solid investment with tons of potential that won’t take much to make it shine.”The county has it appraised at $188,000 and here are some pics.  

The best thing you can do is listen to the BP podcasts, read through some of the forums and attend some local meetups to connect with other investors.

I have filed for eviction on one tenant that I have placed in my career, and I was able to negotiate him out long before the court date. 99% of the time, eviction should not be a driver for whether you invest. 

It's also worth speaking with a local real estate agent to identify the best neighborhoods for rental income potential.

Do I contact appraisers and local title insurance agencies to begin to find one that I could use? 

This will of course depend on your local tenancy laws as well.