Start small with cosmetic rehabs, assemble a reliable team, and have a clear exit strategy.

We are eventually going to have to address this.

Buy, Rehab, Rent, Refinance, Repeat.

I'm looking to network with people investing, selling, and rehabbing.  

The real issue you should address up front is what does the seller want?

I rarely see anyone address the underlying root cause of the issue.

@Daniel Hartz...it would have been easier for suggestions if you have posted the address so some of us could see if there's more equity than what is being stated.  

Does it need any rehab?

Purchased a little too high at the buy (I knew it at the time too), does a little better than breaking even on cashflow, and took too long to rehab.

Taxes are calculated at sale prices and I believe much of these areas have had little to no re evaluation in years (I've experienced this myself on properties with rehabs that I've added double the size).  2) County vs "in town".