Doing it Leon Johnson style with "Now I'm going to get real personal now, if I brought that $650k in cash in a brown paper bag, and set it on the table, what would you do with the money?"

It's a 2bed/1bath townhome style unit with private basement with washer/dryer. 

They did hire an environmental group in Oakland to mitigate some minor asbestos.

Even the ones that sit for some time, NACA Is an FHA style loan program and unpermitted/illegal construction properties are the ones that sit which you will run into issues with NACA. 

Just yesterday I had a close family friend tell me they were searching for ranch style home in my home town with lake access. 

Only advice I can give, would be to try to figure out a strategy that suits your investing style.

Cost will run from about $1.00 - $3.00 Per SF, dependent upon the thickness and style you choose.

If you truly don't want to make any kinds of decisions, chances are good that you can sit on appreciation for a few years and you'll cashflow then, although I'm sure people said that in 2007 too (for the record I don't think we're in a 2007-style bubble because the rules have changed, but who knows if there's a new thing we haven't considered). 

@Bob HardmanAgreed with the other comments on here; I will add that townhouse style get much more interest than up/down.

The management companies seem to charge a lot for airbnb style properties, do you see this being worth it?