Of course you still need to fix anything that may be broken.

I bought my first house at 23 and basically lived in and fixed it up over 7 years.

However, if I talk to them and they don't fix it or they actively avoid me, the next month I mail and post on their door the same letter with the appropriate eviction or termination notice with the opportunity to cure the problem.

At the top (where we are today) I'd rather acquire a B+/A- asset with an 7-8% yield and a long (15 (agency) to 35 (HUD) year) fixed rate debt instrument.

Fix and Flip Investor?

The other day, he figured out how to fix the door handle by himself. 

On the other side of the coin we have been thinking of fix and flips but with no experience and a sort of apprehension to high interest loans and rehab costs, we wonder if this is even a good route for us.

Ideally we wouldn’t buy if it didn’t cash flow in the first place so I’m picking nice round numbers just for simplicity.Loan is 240K 30 yr. fixed at 4.3%Monthly payments are 1,500 Rental income 2,000Cash flow is 500/monthIf we use the cash flow to pay down the mortgage faster we can pay down the mortgage in ~ 17 years and save nearly 80K in interest paid on that loan.

You can also do a standard cash out refinance which will have a fixed rate. 

Then, you make the fixes as you can, raise the rents as applicable, maybe some capital improvements.