@Graham Allen Find a niche that you like (ex. single family residence, near a military base, or a STR in a vacation place or near a large hospital system?) 

Their system has treated me well. 

FHA financing is intended to put people in their own home not be a low down payment system for investors.

An HVAC system may have a 20 year life and costs $9000 to replace.

If they have good systems I think it should be fine, and whereas it's nice to see the house weekly, people that stay in short term rentals don't take care of things very well. 

It seems like the system is set in a way where landlords can't really improve the condition of their house without knowingly loosing equity or cash flow. 

Ideally, once you have all the systems in place you take the best deals to flip and then wholesale the ones that don't have as much meat on the bone or are higher risk.Either way, both wholesaling and flipping are challenging and I would consider them a very active form of investing. 

And if it was built around 1900 I would want to know what kind of condition the plumbing system is in and the electrical is probably way out of code.

Which luckily for me, most do.I know his name and looked him up in the court system and this is someone I do not want in my building.

If so, they are more expensive than a rubber or shingle roofRough Electric- Include fire alarm system on a triplexRough Plumbing- Including gasHVACSprinkler- needed for a triplexDrywallTrimPaintTileKitchensAppliancesPlumbing finishesElectrical finishesFinal Cleaning (negligible in the grand scheme)Landscaping/HardscapingThere are some other smaller pieces that I left out, but these are the majors.