I have countless clients buy and sell their properties.

Guelph, London & WindsorBC - Victoria & ParksvilleI would like to hear about what do you guys think should be my approach and in what cities considering the amount I am planning to invest in is a tad bit smaller.

You have to approach as if you were just looking for homes in the area and develop a relationship.

Painting over wallpaper is a half measure approach and just leaves a problem for someone else.

Should we approach this differently?

If you use an FHA loan for this approach, the down payment will be just 3.5%. 

I’d like to approach landlords to see if they want to sell me their property in exchange for a $10000 down payment, $5000 of which is used for closing costs, and $5000 of which is paid for with seller credits.

I, personally, take the conservative approach and budget for a roof today, over the remaining useful life.  

We are well past the "Break Even" occupancy rate, covering all costs and Principal/Interest, thus this is not a low "Cash Flow" issue, but a Rent Up approach. 10x20- about 1/3 full. 

I'd also appreciate thoughts on whether short term or long term investment properties are a better approach (or one of each) for someone in my situation and near military?