So below are the questions I have to the community (even an answer to just one would be appreciated, thanks!)

Below are a few things you should consider.I would look into the zoning to see if it would be allowable to make the upstairs a multifamily before getting too far into it.  

They had T-111 skirting that was to and below grade all around and the termite damage was obvious.

You can $200.00 plus per door in C and below class areas but will have to be more attentive.

They are below 600, reject.

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Often times, these same tenants are paying $300 below market rent at the same time!

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What is the best way to find property, so I can analyze various properties to find out the difference between a good deal below market value that would make money as soon as you buy or a bad deal?

Hey Arturo,Some usual pros; Can be below market value, Can be move in ready, Some usual cons; May need tons of rehab work, Might be bid up to above market value, Might be a common foreclosure area.These are a few.