One other possibility: the property has already been rented, and they just haven't bothered to take the ad down yet.

Adding value and sweat equity to the homes we occupied was the only way we could afford the bigger properties we needed.

Fortunately, even though I'm a newbie still in setup mode (working through renovations on a value added property) I'm already starting to recognize the right answers before reading the responses, thanks in big part to many of you.

You’ve got a good list of cities already, but I’d definitely recommend adding Memphis, TN to your list for a few key reasons.First, Memphis is known for its affordable real estate.

I also added one other habitat which I am very excited about, but have not started to implement yet...I would like to do it once a day, but I think I will start out with a once-a-week video journal entry!

If the home is 100 yrs old, I'm assuming it's a definite gut which is going to require new plumbing, electrical, heating, cosmetics.I spent about $140K reno on my multi family in the heights on NY ave and there were massive problems with it but it was a gut to 3 units & adding 2 bathrooms, 3 brand new kitchens 4 bathroom reno in total, all new flooring, sheetrock , insulation, framing, doors, electrical, plumbing, paint, parts of roof etc.

Although this is a long term investment and not in the main stream, it has added a certain level of comfort knowing the above potential investment risks are to a degree reduced.

For added security, consider umbrella insurance alongside the LLC. 

We thought about leaving our TV’s logged into our accounts for the free service as an added perk but wondering if anyone else does this?

Improvements are added to the basis and can be later depreciated.Improvements that qualify as QIP, make improvements you make and rent it out.