For example, you buy the place and the tenant could claim the Seller allowed them to paint the walls black or that their security deposit was $5,000 when the Seller told you it was only $1,000. 

Additionally, I was able to calculate accurate rehabbing costs due to my long ago affiliation with the trades of painting and landscaping, willingness to ask questions, and general DIY experience. 

From what I've seen they allow you to choose only properties at a certain days on market and below.

Market rate is nearly double what the tenant is paying now, and I suspect the tenant will choose to leave when that happens. 

I figure it would rent for about 800 after some paint and elbow grease. 

@Michelle BrightThat "silver coating" is an aluminium pigmented asphalt which is rolled {painted} onto an modified bitumen roof.  

Choose very wisely though!

You’ve got some great options to choose from, cheaper prices, increasing rents, and continuing appreciation potential. 

About 50% of beginning real estate investors choose a LLC.

i'm looking for the forum's advice on the most efficient/effective way of weeding out properties. i'll be living in the property for at least a year. while i live there, i'll be living in it (so property can't be a complete rehab), fixing or improving the property, and then either flipping or renting out the property. i've looked at about 18 properties the past 3 weekends (i just started 3 weeks ago). the 18 properties were chosen based on 2 broad criteria: 1) based on pictures, description, and google street view, choose properties close to the metra (in illinois), in a location with a great high school (>=8 score), and in nice(r) neighborhood.2) look at zillow for an idea on property values in the neighborhood so that i'm not buying one of the most expensive houses in the neighborhood. if i feel the house i'm looking at is somewhat undervalued because it needs work and there's some room for me to flip, then house passes.this criteria has helped me weed out 100's of properties, but takes me a bit of time.i'm curious, is this a good start or are there other ways that the full time/professional investors use?