Even in what is typically regarded as the "slow season", i.e. winter, we've noticed a lot of rental properties receiving multiple offers; Needless to say the MPLS / StP investment market is strong and doesn't show signs of deviation anytime soon! 

Slow & Steady wins the race.

2) they've had me already go down once to fix slow draining sinks.

Please chime in where i am wrong on anything belowprice-113,000 rehab-7,000 total~120,000in order to buy I would need outside money, lots of cash. typically ive found that wholesalers deal in cash only because banks move slow..but its not required by all wholesalers, im not sure about this house in particular, but for this example we will assume I need all cash.investors money - 100,000 our own money 20,000 after I get to a certain point, not sure if I need a renter or if I do this after I rehab I go to a bank and cash-out refi. this is where its not clear but it sounds like depending on the bank they will do between 70-80% loan to value(LTV) and use their own appraiser at my expense of $300-$500 assuming the house appraises at 150,000 70%-105,00075%-112,00080%-120,000 (based on 80% re-fi) so if I offer the my investor 10% return I would owe him $110,000 so i would get the remaining $10,000 to put towards my own investment ($20,000) and of course closing costs and such, so I would own a house for 10,000(plus closing costs). mortgage on 120K plus taxes would be around 750-800, and it the rent comps hold true at 1300/month, I would cash flow 500-550 less mgmt fees.

We managed to pay off the loan by 2005.We bought our second rental in 2005, after taking out another equity loan on our primary, and again - - paid our "normal" mortgage payment, applied the rental from rental house number one towards the equity loan, made the normal equity loan payment and applied the monthly rent from rental number two towards the equity loan.In 2006, we bought yet another rental - using an equity loan on rental property two.That loan we threw the monthly rental money of the unit at.In 2008, we had paid off the note on rental number two and began throwing more money at the loan for rental three.In 2009, we bought rental number four and paid off the loan on rental number three later that year.In August of 2011, I retired from my job as a computer network engineer/database administrator at the age of 59 1/2, and began to withdraw money from my IRA & 401, using the losses on the rentals to offset the taxes on the IRA & 401 distributions.I had to use trial and error to guess how much to withdraw & be on the safe side as far as taxes go. $40K per year is roughly the "sweet spot" for that if you have 4 rental properties in the state of Ohio.

A few things came up though1)  Front Porch was separating (not the foundation)2)  Rear Left Gutter/down spout disconnected3)  Hot Water tanks connections have corrosion (they're replacing the whole unit)4)  Rear back deck is missing a "board"5)  Inside the crawl space, evidence of water intrusion6)  Inside the crawl space, under Master Bath a PVC has a slow leakThe seller is covering everything above. 

During some slow time you can finish the RE preparations as well.Good luck and a prosperous New Year to you.

Bank financing is often too slow to be of much use in a time sensitive transaction.

I should know about the appraisal by the end of next week - it's been slow to get going through the holiday season.

As a new investor I was planning on taking property acquisition slow to learn the ropes and allow me time to learn from mistakes.