If you know the source and have a solution to fix it  get some 24 inch waders and a powerful flashlight and walk through the basement see if there are any obvious foundation issues.8 inches of water in basement will typically destroy your furnace and your hot water heater and most things sitting in the floor, but if you budget for those you should be good. 

Very few rentals close by (at least for now, in winter), but desirable location.We will do some updating no matter what:New laminate floor in kitchen/hallSiding needs replacing (have some insurance $ for that)Fresh paintNeeds new windows (maybe).Needs a bunch of concrete work (garage floor, driveway, stoop, walk to door).With those improvements we should be able to get at least $1000/mo.A room addition to add a large ensuite Bedroom/bath, and a laundry room to get the washer, dryer out of the garage, the bid came in at 59000 (This includes the siding).  

Lots of opportunity in the multi family space.

I do ask guests to strip the beds of lines and pile dirty towels and linens on the floor, to take out the trash and to load and start the dishwasher.

Also good contractors virtually don’t exist in the fix and flip space so you need to be very diligent when selecting crews.

Fannie/Freddie posts guidelines on the make up of a condo building - how many units are investors, percentage owned by one entity, commercial space percentage, etc.

For example if you go into a house and it needs paint, new floors a kitchen and bath, do you price it out per square foot?

I'm not sure because between two of them and a girlfriend, they can't even manage to sweep the floors!

Everything remodeled floors, roof, appliances, water heater.

I will be living on the first floor with my family.