And Second, leveraging your contacts and relationships with people in the areas you want are very important.

This is excluding some other important costs but you can get all of that from BP calculators or from any flipping book which you will want to read at least one or two to have an idea of the process.$40.000 - Purchase price$1.400 - Purchase closing costs$10.000 - Repair costs$2.000 - Holding costs$3.900 - Commissions$975 - Sale closing costs$58.275 - Total Costs$65.000 - Sale Price (I split the difference in your range)$6.725 - Profit before personal taxes $53.400 - Total cash invested (Total costs - commissions - sale closing costs)12.59% - ROI (again assuming no financing)The ROI is not horrible but one thing goes wrong or if you are off on your sales number by just 5% and you lose ALL your profit and take a loss on this as a flip.The property you are mentioning should be a rental based on the limited numbers you provided.

When looking into Cleveland it's very important to know exactly what pros & cons come with each of the neighborhoods.

Finding out what is most important to them helps out a lot.

I second that it's more important to find a good CPA who understands real estate investing than someone in a particular state. 

The initial analysis of any rental/multifamily is one of the most important things.

I agree it does sometimes does give important additional information over what is listed in the “public” portals, it does not list the listing agent compensation, just the buyer agent compensation.

But the Loan Estimate is very important. 

Skip trace, then most importantly, MOST importantly:  track your leads and call back every 30-45 days. 

There are many agents out there, but it’s important to choose the right one.https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agentI love answering questions if you have any!