Does it need enough work that it will not pass a conventional mortgage appraisal, thereby limiting yourself to cash buyers?

We did a safety check on them and we found that they had passed away in the apartment... 

I also wouldn't be where I am today in terms of my contacts and relationships with vendors, to be in a position to self-manage confidently out of state.All that being said, if another deal with the same amount of hair on it presented itself to me today, I would pass simply because my risk profile has changed.

I would focus on "Ugly inventory" but would pass an appraisal and not be "Subject to" so that I can renovate and refinance on the ARV in as little as 6 months to pull out my initial capital and enough to put down on the next REI.On the flip side Indiana and Ohio would also offer a sale price to cash flow ratio since you can still find a great deal in both states.  

If a deal doesn’t fit your criteria, it’s an immediate pass.

I will entertain Christina this afternoon to learn more and report back.

Months passed and ABC kept saying that house was “very close”.

I am entertaining this, as a passive option, just wondering what other people's experiences (and returns?)

@Spencer ManningYour other questions were answered except for last one.S8 vouchers are for a specific number of bedrooms and rent amounts.So, a S8 tenant must find a property with rent that does not exceed their voucher amount.This stops S8 tenants from renting Class A properties and most Class B.Currently, Fair Housing does NOT protect source of income, so unless a state or local government has passed a law stating otherwise, landlords do NOT have to accept S8 vouchers.

I would not do this on you, pass along to the tenant).