One other thing that I neglected  to mention is that you do want to close as fast as the seller needs you to buy not faster.

Here are the things I have:- Two toolboxes - one for every day things, one for other tools- Big and little hammer- Screwdrivers of various sizes- Wrenches- Cordless drill- Corded drill- Drill bit set- Voltage tester- Pliers and needle-nose pliers- Wire strippers- Screws of various sizes- Nails of various sizes- Wire nuts- Light bulbs- Spare outlets and switches (and wall plates)- Hand saw- Circular saw- Step stool (actually have two)- Ladders - I have two, one that is light-weight aluminum and the other that telescopes to clean gutters- Gutter scoop- Gloves- Flashlights (I have 4)- Tape measures (I have 2)I'm sure I'm missing some things but I also do my own property management and a lot of my own repairs.

Just like if I thought I could get from New York to California faster by walking than by flying, I'd walk.

An extra 500$/Month has to make the property appreciate faster.

like any investment you weight cost vs repairs to purchase price, people buy fire damaged houses and make money.call the owners research the remediation process then decide 

Most accountants can help you on the accounting side, but an accountant that has some experience real estate investors is worth her weight in gold.

If it's dry out, it will be faster than if it was humid.  

The knowledge and understanding you get from the exercise alone is worth its weight in gold IMO.

You can thus get out of a bad situation faster and easier. :-) Good luck!

If you want to keep this plex property long term after you move then I'd suggest keeping the cash flow and let your tenants' rents grow the equity gradually over time instead of dumping extra cash into the house to grow your equity faster.