Make sure any utilities that could be tied to the house (eg water) are paid. 

And extremely unlikely your going to tie up multi million dollar land deals if you do not have POF and some serious deposit money . 

Patience & $ are tied together because you'll find that it takes at least 3 or 4 touches before someone responds to a direct mail piece, which means you need $ to execute a direct mail campaign.

I wanted to get concrete as to what numbers I'm going to consider in my newest market, where small buy-and-hold MF are currently selling at around the 1% rule (a $200,000 duplex gets around $2000 in monthly rental income - these numbers have remained consistent over the past 18 months ever since I first studied this market).1% doesn't excite me much and I decided I'll buy starting at around 1.5% (they currently have some small duplexes approaching this number but they're small and aged) - I want a larger MF or at the very least a newer build duplex with more SQ.FT. so I'm getting good rent while minimizing expenses. 

It would be interesting to see if certain areas see lower inventory, with demand remaining constant, because those areas are a more intrusive and regulatory climate.

Interest rates are low and the are is projected to remain stable over the next 10+ years, so I feel confident in always having a good tenant to rent to.

She has about 50K tied up in the project so far and aquired the property in September.

That ties up a percentage of my capital.

A couple random tips (really one, tied in two) that will save you based on my experience:- Have a guide for everything in the house and make sure it's always in the same place.

They claimed they were tied up with another rehab and couldn't dedicate the time to this house.