My question to you what does the process look like and any tips? 

Any suggestions or tips on how to get started?

Ok so I sat down with Excel, Here's what I came up with.Cost broken down yearlyTaxes 600Insurance 588Mortgage 2628Vacancy (10%) 708Repairs (5%) 348Total Cost 4872Yearly Rent 7020Cash flow (Annual Net) 2148Annual Net (Minus Mortgage)  4776 Cap rate 19.9%Cash Flow per month is $179Cash-on-cash can not be calculated because I had no cash investment.Does that all look right.

This means removing 100% of C violations (mold, fire safety, mechanical), 80% of B violations (vermin, loose fixtures, broken tiles, smaller stuff), and 80% of A violations (really stupid items like a light bulb out).There are more - so many more.

Any tips would be greatly appreciated, as I am a complete newbie.11623 Candle Ct Henrico VA #1516458Total Cash NeededBy Borrower:$32,400.00 Monthly Income:$1,250.00Monthly Expenses:$780.12Monthly Cashflow:$469.88Pro Forma Cap Rate:9.30%NOI:$10,600.00Total Cash Needed:$32,400.00Cash on Cash ROI:17.40%Purchase Cap Rate:10.39%2720 Old Point Dr, Henrico VA #1513690Total Cash NeededBy Borrower:$24,500.00 Monthly Income:$1,300.00Monthly Expenses:$946.68Monthly Cashflow:$353.32Pro Forma Cap Rate:8.48%NOI:$9,712.00Total Cash Needed:$24,500.00Cash on Cash ROI:17.31%Purchase Cap Rate:8.63%

Thanks for the tip!

Practically speaking, that means that any safety issues (unsound structural items, unsafe wiring, etc.) and "broken" systems of the house (plumbing, heating, insulation, etc.) will need to be fixed.

You might like this: How to Be a Landlord: Ten Tips for SuccessAlso, if you haven't yet, try to setup some "Keyword Alerts."

Since you're an agent (I am as well) definitely check out this guide for agents:http://www.biggerpockets.com/renewsblog/2013/08/24...A few more tips to get the most out of BP:Start here.

@Andrew LeBaronThanks for the tips!