Their cost basis is about $33k, the agreed upon purchase price is $250K and the expected appraisal might be around $350k-$400k. 

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Though it wasn't what I planned or expected, just glad its over and was able to move on to different project.

Expect property inspector to investigate rehab performed was good, alongside general property inspection.Can a BP member please recommend a good inspector along with what I should expect to pay for the service.Thank you

Ideally you would want to transfer the funds you expect to use for the purchase to your new entity for your records to create the separation from personal to business. 

This is something that I have really come to realize over the last couple of months as I've been learning.I came into this expecting it to be complicated, and I am not disappointed!

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

It's easy for people to say it's a scam because they expect to magically make money and when they don't they ruin the possible experience for others.  

Just like any market, it has its quirks on what to look out for and what to expect. 

I expect this will draw more business to this area.