If I found a bag of bones from some old gangster or unfortunate bank employee, I would call the cops.

Your deal will need to have tons of meat on the bone.

They were really bare-bones, but clean and well-maintained - with cheap carpet put in new for every tenant.The one thing applicants wanted more than anything else - and these units didn't have washer/dryers, disposals, dishwashers, bathtubs - which nobody complained about - was hardwood floors.If the only thing I ever changed was convincing the owner to put in hardwood flooring - or anything similar that just wasn't carpet but was similar to hardwood flooring, like laminate - I could have increased rents significantly.But, I'm telling you they don't care about dishwashers or counters or bathtubs or disposals or even washer/dryers in-unit as much as they care about hardwood-type flooring.The next thing the care about is in-unit washer/dryer of any kind or size.Next, a dishwasher.And I highly suggest you don't paint in any color other than basic beige. 

For others it simply means making sure the bones are good and it’s in a fresh but basic rentable condition.

Every month he has been with me I have added more and more rules thanks to this S O B. One

Well put Travis... but let me expand just a touch: The streets of Detroit are paved with the crushed bones of OOS investors trying to make it here - you won't be any different. 

Protect the bones/infrastructure of the house, which this is. 

That would be helpful.In my experience renting bare-bones small units in a really old, but really well-maintained and clean building -- the only thing applicants or tenants every mentioned or begged for - was hardwood flooring instead of carpet. 

It seems to me that because he was able to buy the property for $60k as a foreclosure that there has to be some meat on the bone to make this work well for him and an investor, even if it’s not me.

It is currently gutted down to the bones and I've already learned so much.