That being said I’m Submetering a 5 unit currently and the biggest expense was the actual meters which my electrician directed us to the exact product he wanted and told us to buy it off EBay.

Of course not all will be interested in your house, some may have purchased already, but it is something to start with.I probably have 5000 people or more in my database, but the chances of any 1 of them being interested in buying your house are pretty slim. 

There seems to usually be something that needs fixing or updating when you buy it but how do you know when it's too much?

They may try to buy a house a few years down the road and pay you off.4.

After a month went by with the owner not willing to do them and knowing I bought homes as-is, he asked what price I would buy it for a project.

I don’t buy properties that don’t cash flow as it’s a nightmare to end up owing $800-1000 month to own an investment property.

What I really love about this strategy is that you can often get a nicer home this way compared to buying something that already had a basement unit.

Buying 5 single family homes is likely going to be a lot of work and there are other assets that cash flow better and are more liquid.He also has the ability to 1031 his equity into passive investments (which is a common strategy for property owners who are retiring).  

This would be my very first rental.I have an opportunity to buy a house from an old neighbor for $425k.

Investment Info:Single-family residence buy & hold investment.