Maybe this is what you're referring to, but if possible I would go down this route so you can defer taxes and get a higher cash flowing and/or less management intensive property - depending on your goal.

Overall the current economics of it sucks and land values have declined, which may make it a good time to enter.I understand that it would be capital intensive and it would not be a get rich quick scheme; but for me it would be very enjoyable being a miniature timber baron so to speak.

Many repairs are time intensive but don't involve much money. eg, plumbing repairs that can take quite a while but may only involve $30 worth of cpvc fittings, pipe and glue.

The challenge is scaling up with SFR - it's easier to scale with MFR.Also, traditionally, it was more labor intensive to scale with SFR and at a certain point, investors ran into the "law of diminishing returns".

-Speaking of hiring an attorney, your due diligence (feasibility period) is going to be intense when you get one of these under contract.

oh lordy) and the very real likelihood of some other fun surprises as @Ralph R. mentioned, I'd say you're in for more than a few months of intense rehab work, some pretty high costs, and a lot of stress.

We are happy to help any way we can- we have a great 21day (intense) rehab schedule that is great to shoot for.  

Even get them to replace dated systems (HW heater, AC, etc) whose deferred maintenance will likely cost you in the next 3-5 years or so.  2) Another creative (but depending on how you do it) possibly more work intensive idea to improve cash-flow --> rent out the other unit by THE ROOM.  

@Lionel HendersonHI LionelWhy do you want to jump into apartments if you have found a niche that is working and that is much less capital intensive.  

These goals are usually directly achievable, and crystal clear, like "Sell X amount in advertising for BiggerPockets" or "Write a blog post" or "Workout 3 times intensely in addition to practice."