At the same time, my community is flush with the 'old farmers' who no longer farm and are on welfare trying desperately to live out the few remaining years they have in run down homes they haven't been able to maintain for years.I'm still working out the details of my business plan, and alot depends on the right piece of property coming up but I figure I can probably get something for under 100K$ that only needs esthetic remodeling i.e. new floors, coat of paint, siding and perhaps bathroom fixtures that would only put me into it for 15K$ at the very most. 

in most localities:License required for HVAC, Plumbing, Electrical.In my area I can repace receptacles, lights, plumbing fixtures.

We replaced the kitchen, all the light fixtures, a deck and other features.

Then, if you want new cabinets, countertops, light fixtures, plumbing fixtures, doors, windows, etc., you'll spend more. 

Pour a couple cups of paint out, roll it out.

One GC I spoke with said that on a 1,500 sq.ft. house for paint inside and out, new flooring and fixtures it would be $12,000 - $15,000, if you went with granite and stainless steel appliances that would go up to $16,000 - $20,000.  

Not to mention she dripped paint all over the carpet, baseboards, windows, door frames, electrical fixtures, toilets and shower!

This will cut your paint time down so much you'll be amazed.Get a paint cup for your trim brush.

But that might not be your cup of tea.Even if I had the amount of money you do at that time, I would still buy FHA and save that capital for conventional deals later, and extra reserves/liquidity to let you sleep well at night.

Carpet cleaning, new light fixture, a house cleaning....anything that they can't just take with them if they did decide to leave next month.