anyone who is willing to load that much money on a credit card has got some guts... or no brains.

What you need is cash money to invest, cash money for backup needs, a strategy that works in the current market where you are investing at, and some entrepreneurial drive- guts.

To assess what type of upgrades to do and which will return for you - do some research into what other rentals in the area are renting for and scope of renovations they have - i.e. if the comparable rentals all have painted the 1970 cabinets - then you can do similar and not drop $40k+ on  full gut/ remodel.

Some properties are turn key, others are gut jobs.You need to decide how much money to put aside excluding the down payment and closing costs.

I own 3 SFR as investments in Columbia MO, along with my 4th primary SFR in KCMO. two of the 3 investments have been gutted and rehabbed.

I asked the question because I knew in my gut nothing about the deal seemed right.

@Anthony Ervin, typically these inputs are a combination of market research, talking with local industry professionals, and some of your own instincts.  

I struggled for a long time (and still do a little) with this, as my first instinct when I find a deal is always, "how can I keep this one".    

If your gut is telling you something is up, trust it and try to get to the bottom of it.

My gut said to run but needed some reassurance that my gut was right.