I can add value to the deal by raising the rents that the previous owner had been neglecting, and by updating some things and cleaning everything up.

The investor provided updates on the progress of the rehab, that proved to be false. 

Equity - You need to have skin in the game and have ample reserves - it takes 10 properties to be financially free3.

Most of the houses for sale right now need work or updating.

Raising or elevating a structure is $$$ expensive than fixing a foundation so don't let your profits be eaten away.Also, when pulling comps make sure you get recent sales as flood maps have been updated so something that sold a year ago could have sold not being in the flood plain. 

Not every update will add significant value, and if the area is rough, you will be limited in how much appreciation you can force through rehabbing the home.

I suggest working with a licensed real estate agent or broker to draft the lease and help you update the terms.

Ask the seller about the condition; has anything been updated, age of roof, hvac, electrical, plumbing, etc.

Make sure to update us on your next project/projects!

This helped significantly for renting out the property, and selling it.KitchenUpdates made included changing the light fixture, painting the cabinets, adding cabinet handles, buying a new microwave and oven, and updating the countertops.BathroomUpdates included replacing the mirror, changing out the light fixture and fan, and adding an accent wall.Laundry RoomThe only update here was getting a new washer and dryer.BedroomOnly updates in the 3 bedrooms were changing out blinds where needed, and changing all door handles from bronze to satin nickel.RentBefore the refinance, with the smaller loan and lower principal and interest payment, expected cash flow was around $300.