The other hurdle is that the property is vacant will require significant rehab (mechanicals & cosmetics – structure is fine).My strategy right now is to get the property as cheaply as possible, defer payments for 6-12+ months in order to get renovations well under way and units starting to rent, and then make sure we can hit his number for a 5-10 year period of seller financing, after which we would own the property for well under market value.

Neighboring houses on the same street had completely different layouts, different mechanical systems, and differing degrees of functional obsolescence.

@Alex Boots - The mechanicals of fixing your credit have been throughly explained.

@Rafael PinhoThe main points that helped me the most concerned a second high rise mixed use project I engaged his firm to design for me in downtown Seattle.The architect with development experience was able to define issues that were problematic with the first building and proposed solutions to the second before they arose.Topics included fenestration, sub grade parking, mechanical systems, building services and a more creative unit design by creating smaller but extremely efficient use of space.This architect basically became a member of the development team and provided value over and above the services typically rendered by architects.

My area of expertise is plumbing, mechanical and electrical (PME) engineering for commercial and multifamily projects.

I don't really see the justification of getting the fixer upper since it would take 80k to get it renovated anyway.Personally, if it is multi family, I look for ones that have been well kept, might have additional amenities (deck, balcony, finished basement) and have updated cap ex (windows, siding, roof, mechanicals).

New roof, new mechanicals, updated carpet/paint.

I have to echo the post by Ann Bellamy, with emphasis on her item #3 and the fact that there are noticeably fewer same-day deals.

My coach was paid and helped me go deeper into the mechanics and strategies of investing. 

Critical with these turn key rentals Will is if the rehab was a " skin job " of carpet, paint, water heater and not replacement of all mechanicals A/C, heater, new kitchen and baths, plumbing, roofs, etc.