I am also biased towards the Hampton Roads area over Richmond.I grew up in Hampton Roads and know that market fairly better than I do about Richmond (I didn’t spend too much personal time there).Hampton Roads does have a lot of little gems.

Lets see , the house is in foreclosure , so the sellers are losing it and they dont live there , you think they are going to spend their money to turn on the water and electric for 1 day ?  

Be careful about spending money on courses promoted at group meetings.

There are risks involved but still very good return.If you are willing to spend more money, you will  be in a decent neighborhood, in a better tenant pool with less headache.It is all about what you want to do.

I'd suggest spending about a week on ChooseFI website/podcast/facebook before jumping in with a financial advisor.

I will spend between 3 to 5K fixing bathroom, carpets and painting. 

I have $20,000 to spend.

So if you spend $50K on the rehab, you should strive for at least $100K value add for an equity increase of $50K. 

I am looking for the ability to be able to spend more time with my family, build long-term wealth, and have a nice nest-egg for retirement. 

Spend sometime work on getting both at the same time