I own 27 properties in Greater New Orleans (36 doors) and wholesale around 50 houses a year in this market. 

Paying off the notes, working to pre-emptively make repairs to capex items before they fail or become a major issue think roof, HVAC, and foundation.

Quote from @Scott MacComb: I am doing my first true house flip (have remodeled plenty of houses for rental) and am trying to figure out a contract to use with a new general contractor whom I have not worked with previously. 

Do you have a step by step list when looking at the potential house?

I looked into this at more than one occasion, because Milwaukee has such an old housing stock, everything is 60-120 years old.Most of the new apartments we see are 4 and 5 star developments with very high rents, this allows to offset the high cost of construction a little better.

My favorite was a hoarder house full of trash that took me six months to turn around, but it turned into a killer deal that earned me a 600% return.

The front end can sometimes be tedious to get approved by the local housing authority, but rent payments are always timely.

Many Texas cities are incentivizing developers to build affordable housing units, but challenges remain around keeping these homes accessible long-term.

The sellers says it's just college boys and that's to be expected.He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.However, my questions are;Is this a norm for college students, or student housing? 

The some of the repairs need to be completed before renting out.