Check for water leaks in the plumbing and condensation lines for the mechanicals.

The house was being lived in as section 8 (government subsidized housing) until the bank took it back - i've looked up the section 8 standards, and apparently the inspector was being paid off or just didn't pay attention to detail....so yes, it's very rentable as-is, and there are so many very low income people around here that would be willing to rent it as-s, but we want to be good landlords, and we want to protect our investment (siding and roofing repair).. since the inspection, we also had to add on 3k of plumbing work (leak under the gravel driveway) and 3K of foundation work (additional piers needed under the house to support it well and masonry repair needed on the brick foundation)

1 bathroom comes with 1 set of plumbing, while 2.5 baths come with 3 sets.

You're looking at costs for fixing the water leak (plumbing labor +materials), removing the water and mold, replacing anything the water and mold may have touched, getting certificate of mold, etc.

Not sure about the plumbing or electrical systems yet.

Not sure about the condition of plumbing/electrical as I haven't been able to get in it yet.Thoughts?

Figuring one month vacancy is fine.While the house looks great how old is the electric plumbing etc?

The old contractor (as is typical, even with the ones I've talked to lately) say it is difficult to give a competitive quote on a general remodel where things like plumbing, electrical are unknown (due to these properties being foreclosures) and there are so many small pieces--ie replace this lockset, build up this threshold with something, etc.

Being able to do your own plumbing can save you thousands.I have found that something low skilled (like painting) is well worth hiring out.

True Steve BabiakAnd I've seen high-end deadbeats, not just the typical low-income/undesirable neighborhood ones that steal the copper plumbing.