-Tell them politely but firmly on the call that they are all on one lease and the entire first month's rent has to be paid prior to move in.

The problem is that there are no comparable rentals in the area where I can gauge the market to see how much I would rent out this property to see if it's a worthwhile investment.

Frankly, this doesn't sound so bad compared to the return I could get on a 10 year bond.   

Compared to what?

I just moved to Indianapolis from the West Coast (Portland, OR) and have been investing out here for several years prior.

A run down office building converted to bunk rooms has got to be better than a muddy tent city in the middle of the I-5/I-90 interchange.And unrelated to investing,  I assure prior poster that anybody who is a regular bicyclist is very aware of who will win in a bike/car collision.  

But - check out what the comparable properties have that your property doesn't and make those changes.

Have you taken any bids from contractors on similar jobs and compared item cost? 

The flip is often located somewhere between six hundred and two thousand miles away from where they live, and they have more faith in their cell phone's power to set things right from afar than a revival preacher has in Jesus.They beat their chest for two days with self-congratulatory posts boasting about how their flip's certain to be a triumph of the will, usually because of their prior life experience, upbringing, or general mastery of the art of manliness. 

This is really unique situation, the residential properties near by has different use, therefore not good for comparables. or do I let them do their market research any way?