The one constant will be that you are hoping for appreciation, but other then that I would be looking for different things in the property based upon my hierarchy of needs/wants.As for a few examples:If you are buying a first home that you will only be in for a short time, I would suggest looking for a neighborhood that would attract renters in the future. 

He told that he used a direct mail advertising service and was able to attract more customers.

IOW, I should be able to rent for low enough that I can attract the childless tenants that don't care about school districts, but enjoy a great deal on a rental.

There are lots of baby boomers approaching retirement age that don't want maintenance, and condo living is attractive to them.

Use better more stylish finishes, subtle but attractive paints, attractive laminate floors (I've see some really ugly ones and they RUIN the look of a house).

If at all possible, I would absolutely open all three of the second floor windows, it creates a nice balance and provides interior light.What the building lacks is a residential, attractive and welcoming entry, which will completely transform it without spending a fortune.A few questions... does the front property line extend to where the grass strip ends at the alley?

The seller's alternative in this case is to wait for an all cash buyer - or provide financing himself.Third scenario is the seller who wants to get a higher price - higher than market - and uses seller financing to attract buyers who can not obtain financing from outside sources - and who are willing to pay a higher price for a property with "built in' financing.As a purchaser, you should be looking for either (1) the highly motivated seller, (2) a property that can not be financed except by the seller - IF you can fix the problem (hint: a property next to a nuclear power plant is probably NOT a fixable problem!)

Look for money, look for deals, work on your business processes or just take some well earned time off Even if you don't have money you now have a resume to attract some with a good deal in hand.

It think it is lower risk but the main reason because it is passive, that is what attracts me to private lending the most. 

Majority of the tenants are on subsidized rent, very low income and distressed.I'm interested in hearing your thoughts on specific pockets you like and find attractive to invest in.