It can be done in SE DC and PG county but it seems like your buyer will just think you're trying to cut corners, even if it's more expensive to restore something vs. replacing it.Once you find that market where a true resortation is desired then you just run it like a normal rehab deal plugging in your costs for renovation.  

As an example:Lease Agreement - they get copy after all parties initial each page, initial                                          acceptance of all addendum & sign signature pg Lead Based Paint Disclosure - all sign form after I give them pamphlet &                                                             form is lease page.

You can also find us on meetup.com as - Rogue Valley Real Estate Investors Network https://www.biggerpockets.com/forums/521/topics/418582-how-to-evaluate-a-dealhttps://www.facebook.com/pg/RogueValleyRealEstateInvestors/about/?

@Jon Klaus   ABSOLUTLY   Not sure how it is in your area but if you want to borrow from a bank for RE deals there is always a PG  and most if not all HML I know require it as well.

My day job is in history, and I have an interest in economics, so I will take a small crack at your question.I'm in Washington, DC so in the city and the surrounding counties (PG Co. in MD and east of the river DC maybe exceptions) for the most part we did very well.

Living in NY right now, but I am originally from PG, Maryland.

Also, the property will be located within Prince Georges County, Maryland (or PG County) which is right outside or alongside of Washington, DC.

I need some more feedback before I drop off the 1st pg into the land of unread forums.

i would borrow the money from your relatives and pay off the home and not wreck your credit.your young you can gain 30k back over a short amount of time.Ripping rents and going into foreclosure although plausible wil trash your credit and probably cause you undo stress I see folks have done this over the years.. they blame the bank for their problems. good luck with it.. if it makes you feel any better I bought an office building at the top of the market and sold it on contract it cost me 1,200 a month for basically the rest of my life.. but its my core bank.. who lends me millions so no way I can default on it.. plus the PG would kill me.. the bank helps me make millions so 10k a year is a pittance.. get some funds save your credit and character and pay it all off and move on this is not a lot of money in the grand scope of your life.

They also get PG rated calendar with scantily clad women doing construction work.