Do as much research as possible on the property and find out the title situation from the seller...if multiple signatures are needed, make sure they know that you need to move quickly since others will be involved.

The property is riddled with multiple liens and has 75,000 in back due property taxes.

By the look of the addition from the outside it doesn't seem like an architect was involved at all.  

Get multiple quotes for work to be done.

RR Pretty sure that sarcasm was involved.

That said, anywhere I'd be interested in buying some investment properties would involve a location away from my duty station.

Both tenants are on the lease (were a couple but now are separated due to serious issues involving the Police) and have stable jobs.

In terms of "best" measure of return my favorite is equity multiple as its very simple and straight forward. 

disclosure: not a lawyerI've seen and been involved with a number of deals where the LLC is in a different state than the property.  

I'm looking to get back into the buy and hold for cash flow game in multiple out of state locations.