Some people want cash-flow from day 1, some people want to invest long term, some medium term... all different strategies that would require a custom tailored approach. 

They required me to have the house and detached garage treated and the termite damage fixed (1/2 of the sill plates, 1/4 of the studs and 1/8 of the sheathing needed replacement).

Counsel with the seller after you obtain all the information about his situation (balance, how far in arrears, why he got into this situation, and all financial information).

Depending on the cash required, I'd probably look for a partner to fund the downpayment and renos, and do an equity split.

That always assumes the deal meets my minimum investing requirements.  

With a 4.4-month supply of inventory (up 41.9%), the market is becoming more balanced, offering a healthier dynamic for both buyers and sellers.

More money in the market means more opportunities for everyone.Active Inventory: A whopping 52.6% increase in active inventory, from 2,717 to 4,146, means more options for buyers and a more balanced market.Despite a slight dip in the percentage of the original list price received (down 1%) and a minor increase in median time to contract (up 11.1%), the overall sentiment is overwhelmingly positive.

@Eli DonosoTo purchase your first investment property, set clear goals, choose the property type, and prepare for financial requirements.

A bit undecided on whether to take the proceeds of the sale, pay capital gains taxes on it and invest the balance or do a 1031 exchange and replace the property with another. 

Is the number under the "Mortgage amount" the remaining balance?