If it's in an area that young single people want to be then you're better off than if you're in an area that's more family oriented, for example.Find out what the average vacancy rate for the area is  (call some property managers, do an informal survey of craigslist, etc).

Sounds flaky/smells fishy, whichever sense it triggers, it's suspicious behavior to me.I'm very systems oriented in my business and when I look back at when "problems" happened, a lot of them are traceable back to my decision to deviate from my own procedures.

I look for similar style houses that appear to be well decorated as far as shutters, awnings, color schemes, etc and copy one that I like that still fits the neighborhood!

Of course in most areas there is always a theme of houses meaning in ATL you don't see a lot of Arizona type of houses with Stucco or Texas style with stone so each area does have its own style that you will want to stay with. 

I was living in style in that triplex while the other two tenants paid my mortgage, saving money like crazy until I got married, had kids and began to burst at the seams from that "cozy" apartment. 

Also I don't know your friend but I would still do due diligence (past performances, style of rehab, quality of rehab, etc.) on him and his work.

Which I systematically read cover to cover and then went back to research each link.Thank you to Josh, Brandon and the BP community for making that information available.By day, I am a multi-state salesman of business to business oriented products.By night, and some day time hours, I am pursuing real estate investing.My first big step forward was recently passing my Washington State Broker's Examination.I did this primarily as a means of educating myself on the foundation upon which real estate transactions occur.Goals: 10 cash flow properties within the next five years.I am pursuing real estate investing relatively aggressively in terms of allocating my time and resources, so I would like to think that this is conservative.

Bring me one or two pics that indicate what the exterior looks like (style, condition and curb appeal) and then one or two pics to indicate the condition of the interior

Without being inside but knowing the area, style, and likely major repairs, this looks like a 35K house with a 55K mortgage.Any words of wisdom?

Over here all the local governments have gone gaga over the mixed use/transit oriented development trend.