We had one where they wanted us to pay for the majority of the costs to replace 1 mile of sewer back to a larger main.  

A client of mine recently renovated a mobile home in Tempe, and it's become a surpisingly lucrative rental.

When an investor decides to buy a 100 year old property in a low income neighborhood it's pretty clear that they are only going to renovate it to the standards of the comps.

You'll learn a lot just from starting out like that with little to no experience at all (cosmetic renovation cost, managing current tenants, leasing out a unit).

I would love to see the after renovation pictures. 

@Jemini LeckieRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

This can give you flexibility for purchasing or even renovating the next property.

Feel free to inquire about their staff qualifications if it's a larger organization.2.

Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell.