Look at their work at other locations first to check their quality and the.

Specifically they are going to care about bed and bath count, square footage and quality of finishes in bathrooms and kitchen.

Quality of the property also will affect it as you’ll want to look at deferred maintenance.

@Ryan Moyer The difficulty is in finding an available contractor who will do a quality job for a good price.  

The plot is around 26000 sf, beachfront, great tourist locationThe build quality is high, and it survived the tsunami of 2004 intactThe place is fully staffed with a manager who's been there for 19 years, with no intention of leavingThe place is one of the few in the area that holds groups (the whole complex is rented out to groups of 12-23)It is currently earning 100k eur per annum with only 50% occupancy (the owner is older and does minimum to market - old website, airbnb, booking.com, homeaway, tripadvisor)The average occupancy of the area is 74% so there is a lot of room for revenue growthThe rates haven't been raised for 3 years and it is due for a 5% rental increaseThe reviews are stellar on all sites, with many repeat clientsThe venue is ideal for weddings, reunions, parties, bdays, etc, and the staff handle everything, including an on site chefWhen you stay there it's like having your own resort on the beach to yourselfOwner will act as consultant for up to 1 year for freeSo, he wants to sell to my husband and I, as his manager and he really like us and know we would keep the staff and concept the same.

Properties in bad locations may have a high CAP rate and the same quality property in a good location may have a lower CAP rate. 

@Allison LevineWhere in the foreclosure process is it and are you willing to pay the outstanding mortgage balance?

There are online services which rate contractors, but might be bit higher price due to better quality work. 

If you can find a quality property manager who is willing to take it on, it looks like it would be a good deal!

They'll be able to tell you everything they're seeing in each area from type of renters, demand, what you can get renting by the room, the quality that renters look for that'll yield the best profit, renting furnished vs unfurnished, etc.