@Mikael Lickteig As long as you can provide statement showing 0 balance, you should be good unless your lender has some kind of overlays.

Say your property shows a $5,000 annual profit on paper, once you consider the write-offs like depreciation, mortgage interest, property tax, etc, what kind of tax bill should you expect?

It also depends what kind of project you are doing.

Interesting strategy, because I was thinking of doing the opposite, kind of like what @John Woodrich mentioned.

Also, do I need a special kind of baseboard for replacing them?

Hi Faye - there are all kinds of new programs -- If you have the down and the score -- there is a way! 

Anyone interested in a breakfast or lunch?  

I sure hope you found the kind of help you were looking for in the market? 

Is there anyone or any resource that someone could point me to for this kind of analysis?  

By Value, I mean that Projected Sales Price - Cost of rehab - purchase price leaves a reasonable amount of profit to make it worth it.On Auction.com, I participate in Auctions every week where I have physically gone to properties, tracked down previous owners, done all kinds of analysis to get an understanding what the rehab cost may look like.