Those are two traits that follow any great RE investor.Wholesalers are a great part of the life cycle of REI.

I'm not saying Cleveland is a bad place to invest, especially if you are at the end of your investment lifecycle and are looking for a safe place to park your money and ride out retirement, but as I am a 30's something male I wouldn't want to invest there in the hopes of growing a future.You look like a young guy, so I would advise picking a location with good future growth, and worry slightly less with the immediate cashflow situation. 

@Ross Sumner you have to figure out the exit strategy and model the financial performance over the life cycle of the investment and project the exit value and all of the cash flows to the investors including periodic cash flow from operations and capital events such as refinancing and sale. 

If you want to get into the numbers yourself you can get a pretty quick life cycle cost analysis on the equipment options with this calculator from energy.gov  https://energy.gov/eere/femp/energy-cost-calculator-electric-and-gas-water-heaters-0

I prefer IRR to see the full picture for the entire life cycle of the investment.

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Depends on the type of tenant base you rent to and how long you will be holding the property.If you have multiple levels of a house the main area will get much more wear and tear then upstairs bedrooms for the most part.Many tenants drop and go when they come in and out the door on the main level.Wood laminate can get tore up with dogs just as easy as laminate.Real wood you can sand down and refinish a couple of time before replacing but it almost costs more.I am going through this on some units I am rehabbing.I can get kitchen,dining,and hall 500 sq ft with parts and labor installed for 350 vinyl or 500 dollars for tile.The carpet guy told me vinyl gets tore up every 2 to 3 years and it can be hard to fix torn areas or match it up.The tile will cost 150 more on installation but will last probably the life cycle of the time I own it and if one breaks it is easy to fix.So I am all for tile.

Always be sure to think through, analyze, and underwrite the property through its entire life cycle, from purchase through to sale or cash out refinance, and have several optional off ramps (exit strategies) already lined up along the way.For me personally, I want the fewest (not the most) number of units that will cash flow enough to meet my income needs (plus margin) when I am ready to retire, not cause me any major headaches over the long term, and have the best chance of appreciating in price over the long haul.

Places like Lumber Liquidators usually have deals-of-the-week for $1 or $2 per square foot.For a 1000sf rental, your average annual capex for flooring over the 9-year lifecycle of the floor is ($5,000 + $3000)/9 = $889 per year.A nice wood laminate might even help you bump up the rent and get better tenants.

Rashad Winston Take a look at our thread about the development process.http://www.biggerpockets.com/forums/44/topics/427144-lifecycle-of-a-ca-multi-family-development-dealI am an offer of help.