This can be anything from a 6 figure profit on a quick flip, to a $3 million property purchase using none of the buyers own money.  

I've met with a local investor and he's offered to cut me in on profits or pay me a finder's fee if I can bring him possible properties to flip.

If you have good relations with the neighboring property owners, ask them to let you know if it looks like demolition or removal of the major appliances belonging to the rental.  

Given the last time it was purchased was 1984, there could be some major repairs needed in the not so distant future such as roof, heater, electric, plumbing.

You Floridian's must be smiling 😁https://www.inman.com/2016/10/04/where-real-estate-investing-most-profitable-head-south/?

Your better off finding a J-V partner who provides you $50k and you split the profits with.

The majority of my inspections are generated by Home Inspectors.

The most important factors are tenant selection and keeping the good tenants so that you have little turnover (major expense). 

How can this be accurate as that leave NO meat of the bone to rehab, sell & make a profit.

It doesn't quite meet the 50% rule but I'm paying it off in 15 years instead of 30 and I could always re-fi or get a HELOC to get some of my cash out if a major expense like a roof or something popped up.