@Dimitri Bernado You have to determine how active/passive of RE investor you want/can be, pick a niche within RE investing, learn as much as possible about it, network with other investors, and start investing. 

Determining whether a property will be worth my time and money and will cash flow is dependent on a few numbers including the ARV of the property and the rent I will be able to charge, but finding these numbers has proven difficult.

If so try to get an idea of what renovations would cost.Once you get an ARV and Rehab estimate you can determine a reasonable offer.As far as the Financing goes I am a firm believer in using as little of my own cash as possible to invest.  

I agree with Michael that your main goal should be to determine if the property can generate a good positive cashflow after running the numbers and taking into account any cap X costs that may be coming up such as a new roof or hot water tank.

Once you have it you can enter the address into the Fulton County Assessors website to determine if they show it under the decedent's name.

The monthly payment, interest rate, and other loan terms will determine whether you've got an actual deal or not.

It truly depends on what your friend is looking for in order to determine HIS best strategy to take. 

Heat & ac, basic cable or internet packages, parking, storage etc.

don't know about that state but I know CA OR and WA have very strict laws on what you can and cannot do with someone in distress IE in foreclosure.. check with the state or a good real estate attorney taking advice from the internet is not wise with something like this I think .. unless an attorney familiar will pop on and give an opinion..

What are some of the things you look for to determine whether a house has the potential to add more useable space?