you can make some money on it but be cautious. 

I'll quickly share the process, but most legit lenders will be very, very cautious if they will lend at all to new investors.

I'd be somewhat cautious about investing with your best friend as well -- I've seen partnerships go very wrong.

But I am in this with my husband, we have been cautious with this purchase.

I am going to look at it tomorrow so I will know much more after that.I am definitely being cautious when it comes to this being a joint venture since it will be my first time using investment money to fund a deal, however, after my experience with my 4-unit rehab I think I might be ready to take this on.Again thanks for the post and I hope to see you soon!

I would be very cautious renting to someone with bad credit AND an eviction on their record.

New investors can also have great success, but they need to be cautious, patient and clear on their expectations. 

But in the meantime, and especially if they do not come recommended by investors you trust, you are wise to be a little cautious.   

buying rentals out in the mid west north east deep south are pretty much interchangeable given price and rents.but don't kid yourself  its not like investing in mutual funds or a reit.. it takes work to buy and to manage long term.if you buy at the top end of the market in most of these areas you will do just fine over time.. just don't get sucked into buying on the bottom end of the price points.. those will have the toughest tenants lots of turn over and damage etc.so just be cautious but yes it can be done..  

Unless you have a lot of liquidity or assets, an investor is going to be cautious to fund a $500,000 purchase for a first timer.To answer your other questions, you'll want to start making good contractor connections.