Even with that, I think we will still be way ahead. 2 bed, 1 bath, 1200sq/ft, detached 1 car garagePurchase Price: $38,000Repairs: $20,000ARV: $96,000 (based off Zillow, but a local real estate agent thought that was pretty accurate)Mortgage: $430Insurance: $55Trash Included: $25Rent: $1,000We are now going through applications for our first tenant. 

Many banks wont touch deals that are sub 90% occupancy, so you could negotiate short term seller financing to help give you runway to make the building bankable for a refinance while you reposition it.

Just some notes to consider based on what your unit is like. 

They vary based on the note. 

(If you have not already) read enough books on real estate to increase your knowledge base.

If you die while holding the property, it gets a stepped up value and all the gain is tax free.If rental the taxes can be deferred via a 1031 and if you die while holding it, it gets the stepped up bases with gain forgiven.Hopefully the numbers provide some example of possibilities. 

I would get in touch with a local builder, and see about getting a mentorship on down days and days you have off..

Any marketing should always be based on the information provided by sellers in a deal. 

If its the business then asset based lenders may be interested.

Based on an inspection report on one of the deals I worked on last year, I was able to negotiate over $15k of credits and repairs for a $200k house using a $400 inspection report for one of my clients.