After 12+ months I would repeat the process, each time renting out the property that I was leaving.  

So I guess I'll get the good with the bad.any thoughts and or advise for a first timer?

First timer, looking for a duplex in the NW.

I am a full time real estate agent in Cedar City, Utah and specialized in investment properties of all kinds.

I hope to get over my first timer fears ASAP and get this big ball rollin'!

From what I can see, Its going to need some work in the kitchen.

This tends to fit MOSTLY first timers but it is not exclusive to them.

My first one the kitchen had nothing in it - it was gutted - and the floor had a hole right through to the ground.

That sounds to me like a 30k project, stopping at the new kitchen...the rest is too general to estimate.

ok I have this place that I'm looking at for my own personal home. it's REO and listed with an agent, they are asking 197k for it.its 3br/2ba, 1660 sq ft...theres confusion on that too I've seen an old mls from 2002 stating it was 1800sqft tax roll shows 1660 2br/1 baththe property is another issue, this broker says it 1.1 ac, the prop survey is showing 4.5ac, an old mls has it as 3.5 ac...so it really needs a survey to be sure. i know for sure it's much more than 1.1acanyway, its a modular home, either 1994 or 1999 depending on who you believe. it needs some repair, new air unit for sure (3k), new kitchen (3k)probably carpet, paint, mostly cosmetic. so i figured 15k for conservative figures. comps in the area are going for about 190-230k in full working order. it's tough to calculate ARV when the surrounding area varies from 80k to 1.5milso this is what i calculated.....195k and its an REO, so 30-40% off or 70% or arv = 136.5k - repairs (new heat/air 3k. carpet 2k , paint 1k , kitchen 3k, 9k not including what I havent seen) I figured bout 15k to be safe. which brings me to 136.5 (-15k) =121,500 fair value depending on the amount of property could be another 15-30k an acre depending on who it belongs to .