Fascinating stuff!

@Chelsea Knapp I am looking around east Buffalo in the Depew, Lancaster, Elma, and Cheektowaga areas as well as some stuff near Canisius college as those are the areas that my girlfriend and I are most knowledgeable about.

@Scott M. dunno about where you are but the program sucks in Illinois and a huge percentage of people are being denied (for silly administrative stuff even)

If the building has a new roof/furnace/etc, you theoretically don't need to put as much aside since the big stuff is new.

It's highly unlikely that a broker does commercial stuff, but I guess there's a chance.

Good stuff.

People live in neighborhoods where this type of stuff happens and don't move.

Would you recommend any educational stuff which might give me a fresh perspective on how I should be looking at the properties ?

I would recommend getting the basics of the basics on the process before approaching a mentor, save them for the advanced stuff :) This being said, you shouldn't have a hard time picking this up if you know how to manage a project/crew.- find a home that needs repair, preferably off market so you don't compete with retail buyers.- walk the property with a contractor or specialty contractor(s) (electrician, plumber depending on the issues) to get an estimate(s) of the rehab.  

Great stuff!!!