Once I have some really great answers to this question, I will create a new thread in the new FAQ forum, and through the magic of computers, make it appear as though these amazing answers all came in order.

Im wondering if i can some how magically get it in good condition for around $50,000.... recommendations!?

Ever.It was like magic, the second my contractor had the money he disappeared.

There is no magic formula, I learned several great lessons with my first properties I owned and I see the value in mobile homes, cheap to buy, easy to rent. 

You won't believe it and no one on here probably will either, but I actually had a bank wire money on a deal, then somehow magically suck it back out and *Poof!

I believe within the next 2 years, unless it is your primary residence, they will not allow STRs.On a side note, it seems 12th Street is a magical dividing line regarding property values.  

The lakes of human feces must have just magically appeared the day before I got there.  

Any magic numbers?

Who is this magical unicorn lender that will do 90% cash out on an investment property ARM?

Now I can own the property, pay no rent & leverage the magic of depreciation :) to top it all off, my commute to Manhattan is now 20 minutes shorter!