I'd love to hear people's thoughts on the current market and any success/fail stories in the Phoenix area.

Start by making a low offer to the tenants and see if they’re interested.

My wife and I are currently looking into Allentown as well.

I would love a ideas on what you think might be best to do in the current market and may even be interested in partnering with someone if the numbers work for both parties.

. - Once an owner knows what materials are being used, they can then check pricing at Home Depot, Lowe's, etc. - Some materials for bigger jobs, like concrete, are harder to check pricing on.

Financing and Exit Strategies MatterMany house hackers use FHA or low-down-payment conventional loans.

I currently have a rental property and am looking at getting my real estate license and building a property management and property maintenance company to serve my investments and potentially others.  

Just taxes will be 20k.I would run numbers like this:Property 1.5 million (minimum)Construction (Cheap end) 2.14 mHolding Costs (at least 150k)In my book, even according to your calculation, that means you put in at least (those numbers are on the low end): 3.8m! 

Quote from @Steve Wortman: Currently the owner operator of a motel.

Rent out your current home.