Built in 1920, recently renovated top to bottom, new central air throughout house and new heating system.

This means signing over the renovations for the term of the lease.

Here is a recent example of a flip we acquired for less than $50k.Granted, you'd need access to additional funds for the renovation, but if you can work out a deal with a hard money lender or partner, why make $1k on a wholesale deal when you can make $20k by flipping the same property?

Sounds like a no brainer but the thought of repairs going way over budget and the time it will take to renovate it scares the crap out of me at the moment.

Empty units simply give me the opportunity to renovate and raise rents. 3) Appreciation always follows NOI, so if you can establish a solid record of $8,000/month NOI that translates into a stabilized value of $1,200,00 at an 8 Cap, which is going rate for stabilized class C properties.

Since then I have bought 9 SFH, sold some, renovated others and held onto 5 SFH rentals.

I recommend you look into these others as well:0% Down:NACA (https://www.naca.com)VA Loan (http://benefits.va.gov/HOMELOANS/index.asp)Rural Development Loans (Renovations MAY be included)(http://www.rurdev.usda.gov/HSF-About_Guaranteed_Loans.html)3.5% DownFHA (http://portal.hud.gov/hudportal/HUD/topics/buying_a_home)3.5% AND RenovationsFHA 203k loan (http://portal.hud.gov/hudportal/HUD/program_offices/housing/sfh/203k)Not as cheap, but come with renovation options attached to the loan:15% DownHomepath Investment (SFH only)25% DownHomepath, and pretty much any bank, Investment (2-4 Unit Buildings)Auxiliary:http://203kcontractors.com/You can have 2 VA loans at a time according to another BP member

I was interested but was waiting for them to drop the price as it was full on retail and needs a solid 8k in renovations...  

.   :-)I usually perform my own renovations and snake my own toilets if possible.  

I bought it for 89K, 20K in renovations, and now it is appraised at 180K.