Now if your thinking location jumps out as a big factor to all this, you hit the nail on the head, location location LOCATION. 

Do I get with any architects or designer on the best way of fixing up the home?

While that kind of income is not a deterring factor, when I looked over the terms of service many big red flags came up.

CPAs often advise against pursuing this designation unless the time commitment and documentation are robust, as failing to qualify can result in IRS audits or penalties.The 500-hour rule pertains to material participation in specific real estate activities or businesses.

This includes flooring, painting, bathroom upgrades new light fixtures, usually there’s about $800 in electrical costs factored in here and all new cabinet hardware.

It sounds like an incredible resource, for $200 having a fully designed materials and fixtures schedule to pair with a labor only GC or a GC that can work well with a prescriptive materials schedule. https://ivoryhome.co/predesigned-packages/Just curious how other people’s experience has been.

The biggest factor will be how long you plan to own the property or when you think you may refinance.

Speed of building a portfolio (Cash-on-Cash return is a factor here)?

Just factor in a little time and effort to get everything squared away, and you should be fine!

I would consider the tenant's past, as well as the condition of the unit, my local market, and other factors.