They should catch most of the issues a tenant is likely to complain about.If you're not wanting to pay someone, you should be able to identify most issues yourself by testing all the moving parts of a house.

But the catch to this is that probably or most of the properties on MLS the owners do not own outright so seller financing won’t be possible?

@Tim Emery catching up to this conversation.

Yes a tri or quad make more money and superior in many ways but there’s typically fewer options for them in a given area too so sometimes it makes more sense to buy 2 duplexes instead of a quad if you catch my drift .

It will be necessary to have additional cash available to fund issues that may arise i.e. an unexpected issue not included in the original estimate / inspector doesn't catch a completed item on the draw list and only approves a partial draw, etc.Every day work isn't being done to move your project forward is money you loose - making sure you have the necessary funds to ensure your project won't be delayed is key.

There is one catch to this all though.

However, I do agree that I will more than likely have to end up waiting 6 months for this specific situation but I am also looking to expand my knowledge so I can be more educated on what my options will look like the next time I catch myself in a similar position. 

How quickly will the value go up since most home in the area need to catch up? 

My in-laws felt bad and reduced her rent another $300 a month (50% below market) for three months so she could catch up.

It is going to be amazing and there is only one catch, it is 2000 miles away but don't worry we have guys who will run it for you, you just kick back and collect checks.