I'm a licensed inspector actively working in that area. 

And the later on find out that it needs major repairs and there goes your positive cash flow, in many cases people actually lose a lot of money by not doing there homework and thinking that they can't fail.

The rent can compensate depreciation.With a median annual salary of $51000, rents lower than $1400 are affordable for the majority of the US population.

@Rich Ng I checked probate could not find any active or old cases.

I have been following the BP discussions and saw that many of you are actively looking for a first deal.If any of you guys want to meet for coffee to exchange ideas or just talk about the RE market in Baltimore, drop me a line and we'll make it happen.

I unfortunately cannot qualify for the loan, so I'm looking for a partner to take on the $250k loan and bring $147k of equity.I'd like to structure the deal so that I have equal ownership interest with my partner, but he / she takes the majority of the cash flow, as he / she will carry the debt and bring almost all of the equity.

Another thought is if you find a place you like, get an offer in on it (assuming you haven't noticed anything major), get your inspection, and get a contractor to bid the items noted in the inspection.  

Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche.

The issue is that flip transactions are considered a trade or business activity, and if a tax exempt entity like an IRA engages in a business on a regular or repeated basis, then there is a tax known as UBIT that applies to the gains from such business income.

plumbing is still original- as of now before inspection no major issues.Electricals are breakersI'm about to make an offer for 240k.. and see where it goes from there.