With your team's background in construction and interior work, I would say you should look into flipping and if a deal comes along that you don't have the bandwidth for, you have the ability to wholesale it with a good estimate on rehab/renovation costs.There should be an informal BP Meet-Up soon that I would recommend attending, they are a great way to network with other investors in a low-pressure atmosphere.

The property needs a complete renovation any suggestions BP?

Last seller purchased for $389,000 and had to do extensive excavations/renovations to waterproof the basement/added tank, added commercial gutters, waterproofing membrane, etc.

I am a GC in the Indy area and would be glad to talk to you about renovations.  

I love the whole idea of renovating, and hopefully I can flip my first house or multifamily for a profit. 

Test your rehab/renov detection skill (bring seller disclosure)6.

Get trained on the entire process of purchasing, renovating & selling.  

From my experience a good majority of investors are contractors or people who work in the construction field.Your goal should be to be friends with people who do rehab work on the side on flips renovations, that way you can work with them to 1 Get more income and 2 Meet directly with the investor and form a relationship.Good luck man!

. $2,600 a month) The units need to be renovated.

Over Improving would be fixing/renovating a property to a point were you will not recoup that capital investment because the neighborhood comparables will not support a value that high.An extreme example would be installing a $100,000 in ground swimming pool and patio in a home in a neighborhood where the homes typically seller for $85,000.