Often you are getting a pretty sizeable discount for your efforts, resulting in both captured equity and cashflow.The best ugly properties go quickly, so when I was looking, I got in the habit of searching daily.  

Or, plan on this being a nest egg builder and growing your equity, living in the home for 2 of the last 5 years and then selling with Section 121 exclusion. 

@Alicia Prokos (and anyone else in the same position) A 401k plan is a type of Qualified Retirement Plan, in which there are - at a minimum - 2 essential roles: Trustee and Administrator.Plan administrator – The person who is identified in the plan document as having responsibility for running the plan.Plan trustee – Someone who has the exclusive authority and discretion to manage and control the plan assets.In the overwhelming majority of plans, it is the business owner and/or the business entity adopting the plan that fill these roles.Companies that provide 401k administrative services are more aptly called "third-party administrators."

Again, depends on how you're planning to use the property (exclusively investment, blended occupancy/rental, or full-time occupancy) - if investment only an LLC would be the move. 

Milwaukee inventory has just been so low, that even very distressed properties sell to first-time home buyers without a significant discount, so in the end it's cheaper for me to buy properties that already have a new roof, windows, kitchen, HVAC etcI appreciate that insight and it makes perfect sense.

I work almost exclusively with investors and a lot of times, out-of-state investors.

@Angelo LlamasAt the bare minimum, you should do the following to make your bookkeeping easier:- Dedicate one checking account and credit card exclusively to real estate.

In a business, I’d say owner “net profits” (exclusive of any owner salary) of $200,000- $1 million.  

So if the property is not a value-add or steeply discounted I would not do this. 

I would look at the value of the rentals before you make a decision to see if that makes sense for you.Regarding the furnishings, if you have to pay more for them (again here in FL, properties are generally listed fully furnished and you don't really get a discount to tell people to take the crap out - in fact, I had one guy refuse a good offer because one of my conditions was for them to take their crap!