Another option I have seen with a lot of people in the right areas of Kansas City with in walking distance of all the it places down town is nightly rentals, take a little more up front management and a cleaning person, but much higher rents if it can be done in the condo and town.

If this is a low end rental I'd make sure everything is clean and functional and use as-is.If you are looking for something a little better maybe leave the cabinets in place but install new laminate counter tops, sink, faucet, and mid-grade appliances.

This is a good feeling knowing we are giving people a clean safe place to live and that they recognize and appreciate it.  

Size:  Above Ground 1,660 sq ft/ Unfinished Basement 350 sq ftI'm looking to update below items:Exterior: New roof and window (as needed)Yard: Cut big 2-3 trees in the backyard, clean front yardInteriorBasement needs mold remediationNew kitchen (cabinet, appliances, & etc)New Bathroom (2.5)Move/remove walls Add ceiling wallAdd insulationelectrical work (if needed)plumbing (as needed)new paintNew floorIt pretty mush needs a complete renovation.

Size: Above Ground 1,660 sq ft/ Unfinished Basement 350 sq ftI'm looking to update below items: Exterior: New roof and window (as needed)Yard: Cut big 2-3 trees in the backyard, clean front yardInterior Basement needs mold remediationNew kitchen (cabinet, appliances, & etc)New Bathroom (2.5)Move/remove walls Add ceiling wallAdd insulationelectrical work (if needed)plumbing (as needed)new paintNew floorIt pretty mush needs a complete renovation.

I need a project manager on the ground there to help me get it cleaned out, get some repair estimates and get it sold to an owner-financed borrower.

.- verify with the building department the property has a clean history of compliance.- verify the next building inspection date.- review PM terms and arrangements. - confirm all mechanical/utilities are owned free and clear (make sure there are no rented mechanicals/utilities, for example water softeners/purifiers). - Confirm the health of the T12 with your accounted!

If you try to friend them, they would know you are checking and might clean up their page.  

  $24K Purchase Price plus all closing costs$1000 Clean up fees$30K Sales Price$2500 ProfitListed this home for $34K but after two weeks with no offers decided to take an offer of $30K. 

Also have our property manager do tours of the properties and take videos on the more run down stuff so we can get an idea of how it's going.I would also suggest, once in a while, visiting any property you own with little to no notice so you can see how it actually is on a day to day and not after a PM has cleaned it up knowing you'll be there.There's no right answer of when you should or shouldn't, it'll all depend on what will make you comfortable and what you can afford.