The tenant pools are great, as we are the State capital, we have two MAJOR hospitals, government jobs, large developments happening (out-of-state union workers), MSU, Lansing Community College, and so on. 

If you come to me and say you super handy ready to take on a major renovation my answer will be different compared to if you come to me saying you need turnkey and 30 minute commute to NYC.  

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Horse stable in the middle of LA, 20 acres 1/2 swamp next to major airport in Florida, church with 6 acres in the middle of town, contact bank Trust departments and let them know you want to buy.  

There are a few areas (like mine) where a closet is considered a requirement, but it isn't actually a major thing across the country.Having said all that, I don't think a non-qualifying bedroom can't be listed as a bedroom in the listings on VRBO and AirBNB. 

I also got involved with a builder in Florida who has yet to produce the first of three houses they're contracted to build, which was a major hit to my available funds as well, setting me further behind.I also figured if I fell a little behind in saving (18 months instead of 12 months for example), I'd still be making progress.

Quote from @Jamie Banks: @Jesus Jimenez Right now we are concentrated in the major cities from NY to Richmond, VA including NYC, Newark, NJ, Philadelphia, PA, etc.

The key is finding out what the seller wants as far as terms but the majority just want a quick close with the highest price. 

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Always fix all water issues first before moving on to doing major repairs of a structural  nature.