Establish a good relationship with a property management law attorney.

A lot of people suggest not paying off your mortgages if you own a lot of properties because if someone decides to sue for whatever reason, their lawyer will see all that equity in your properties and try to take it.

The key is buying properties significantly below market value, keeping costs low through self-management and maintenance skills, and taking a long-term view to build wealth through forced appreciation and equity capture over time.

Its priced well, needs work(which is fine) but wondering if anyone has had any experience buying, living, or managing any rentals in this area or near it?

We’re members of the country club and are there 2-3x a week 😂 I also manage 5 in that town alone.

A couple more things to consider as you do this, and I've overseen 100+ apartment units renovation that we've owned and managed so I have some experience in this. - If you're already tearing out the cabinets, maybe see how much more it would be to re-pipe the water lines or re-place exposed sewer lines.

I dont know your market but EVERY broker in the world will over promise upside rent and poorly managed (inflated) expenses. do your own DD on both of them and come up with your own pro-forma to evaluate.

(There's nothing passive about managing the rehab!)

If you have considered that option curious as to why you decided against it. 

So, with no foundational knowledge of real property, and no capital, his only alternatives are (1) “bluff” the homeowner into thinking he has the money and intent to close the purchase himself and or convince the homeowner he has an extensive list of cash ready interested buyers (“partners”) with whom he’s done dozens of prior deals or (2) pack up shop, write off the money invested in mentoring to a worthless investment, and decide IF real estate is right for home.