Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

OK, you contact a Contractor, he says "Thank you for calling me, when you get a deal  I will give you an estimate (usually more than you are willing to pay), thank you I am honored to be on your team!

You obviously want to shoot for a high amount, I always feel comfortable after mortgage, insurance, taxes, and misc expenses (estimate) that anything over $300-400/month is good cash flow.

They also admittedly have approved similar claims in the past, so I have requested copies of all requests made over the four years the condo building has been in business (only 12 units, so it can't be too much).I won't really be able to get an appropriate estimate without ripping up the floor boards, so should I just choose a reputable contractor and then take them to small claims court?

I estimate $80K in pocket after all is said and done.  

The property itself could bring in a conservative estimate of $2800 a month once all units are fixed up, but I would be sacrificing $400 of that by living in it of course. 

They're using Zillow to estimate the value of a home in the country?