Afterwards I began my education at the Kelley School of Business as a marketing and international business dual major.

Since your house was built in 1930, built-up calcium is another major problem.If you are going to replace your water supply lines, you may want to consider "pex piping". 

But two major things about it and why I'm okay with the negative cash flow for right now- 1. it's my forever-home, I plan to hold it and eventually live in one of the units (probably for the rest of my life), and 2. it's Venice so there are a million exit strategies on it and appreciation, both in values and rents, is strong here.

The majority of my portfolio is North of Seattle (mostly Snohomish County and 2 duplexes in Skagit) and you're right, most of the time the numbers just don't make sense.

Make sure you check the major systems and check to see if they're in good condition. 

If you use a major bank then chances are they have one close to them.

I've been searching on the major real estate website just to get an idea of what could be available and to get experience running numbers.

Go to city hall, go to the police department.

Howdy @Colleen FiumaraI have the property inspected during due diligence to determine the age and current condition of all major components and appliances.  

Keep it simple.I made to many mistakes...so now I only will get an obvious good deal at about 50% and no major work....work should get done in two or three weeks and put up a for sale the second you close....for .99 cents you can get a for sale by owner and you will see the neighbors will be your best buyers...even though the house may have been for sale for a year or more.Once the neighbors see the house sold...then they want it...they say...darn...I should have bought it....so jack up the ask about $25K over what you paid and just fix the yard and paint the front of the house and clean up the mess inside and see what happens.