That means to deploy $500,000 you are going to have to find 20 houses like that, rehab them, put a tenant in them, and then manage them afterward.  

I have the ability to find properties that all in costs including rehab and purchase would only be 70 to 80% or ARV on properties. due to this I have been trying to find lenders that allow for less down and rehab coverage since the properties are so discounted.

Until the rates come down to refinance, the key for us is to limit the amount of turnover at the properties. 5K to 10K in rehab basically eats away at several years of cashflow.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

There are really great REI opportunities in different markets - markets in the Midwest and Southeast of the country are particularly lucrative - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

Any house here that's sub $100k, on or off market, is going to be so bad it will need $30-75k in rehab.

If you have the right address follow up in a few weeks with a phone call.

Study what kind of properties sell, for how much, and what kind of tenants live there.Think with a 10year+ vision, but a decently sound property (not a 1900 single family conversion that is begging for a full gut rehab), and but in the RIGHT location. 

I had a realtor tell me last week "light rehab, under $30K" on a house that wasn't on the MLS. 

For first flips better to start with a  small cosmetic rehab  until you get to know the process and the team well.