My understanding is that the market is more important than the property.

Go with any of the above sources.

There isn't enough information in here about the current state of the house to be able to advise you, but I would think #3 is a definite no as it seems unnecessary from a cost perspective although that market has scale to accept it.

Hello Ralph,Yes you can used a HELOC from another property as a down payment for a new one, then get traditional financing on the remaining 100K. 

The license doesn't cost more, the service and quality does.And a note on that cost, in my experience hiring contractors, only a small percentage of the cost savings was due to finding the right guy who is willing to work for less.

My wife and i are just starting out in real estate investing in the Grand Rapids, Mi market.

Then divide that cost by the amount of time between now and then and that's how much you should be putting aside for Capex.For general maintenance, the age and condition of the building will play into that.

You're totally right—making a schedule with all the important dates on it is very helpful!

The point of going into real estate is either as a store of value or to make money--you make money primarily through value add--of which the simplest path is rehabs-go with an easy one while you learn the process.  

I've sent letters to the owner on tax roll.