Looking to acquire either a second rental or do a rehab project.

Make sure your numbers are accurate as during the rehab it can hurt you and become a big lost if you don't have the right numbers. your best bet is to partner up with some experience as the first deal can make or break you.

Sell at the peak of post rehab property condition and a bit of rental history, rather than wait for the next round of big-ticket maintenance.

You are paying market value (I assume) for property that needs $15k in rehab.

I buy rehab and hold small apartments under 60 units most are under 20 right nowI build new construction homes , town homes and looking at small apartmentsI lend my own capital locally to smaller investors as I am still small time my self. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

@John MichContact the utility companies and post office and see if they can give you a contact address or phone number.

One thing that I was not sure on was how to estimate the repair/rehab costs for the calculator without actually seeing the property.

I believe this will provide me valuable landlord experience as well as valuable experience in finding, rehabbing, and owning property. 

He has done a lot of rehabbing, and between that and some new comps on the same street, it looks like he could pretty easily appraise at 80% LTV.