Mechanical is typically where the hidden problems are: HVAC, water heater, leaky plumbing, bad/outdated electrical, roof and windows.During renovations, you follow the same process regardless of the size of the property.

So I'm 22 years old, just graduated college with a degree in Mechanical Engineering, and looking to get into real estate investing.

The issue comes in when the roof starts leaking and you look at 10k, the house needs new carpet/flooring before you can rent it and thats 5k, new mechanicals 5k, new driveway, new windows, a new sewer lateral.

Well maybe that something that we're all unaware of is that the meter, which has analog numbers, (and has since been replaced due to the fact of running slowly) went haywire mechanically.

Have an eviction attorney send notice, with an emphasis that he will have an eviction on his record, as well court and collections.

I don't generally agree with their investment philosophy there, but the emphasis on maximizing savings is really good.  

I also like the old school traps that have the large yellow catch mechanism (they're a pain to set but they're super sensitive and they always go off). 

In terms of rehabbing the property, the workflow can range from throwing a coat of paint on a wall or two, to an entire gut of the mechanicals, windows, siding, and flooring.

My older houses need a lot more attention (generally) than the newer ones 3) what shape is the mechanicals in ...roof, HVAC, water heater etc. ...it's not hard to figure out on some things when you'll have to replace something. 4) are you doing preventative maintenance?

However, make sure there are not other liens on the property like mechanical, IRS or code violations.