You can live in a great area for investment and still invest far from home if you want to leverage others.As far as where to pick, we use sites like Census.gov, Bestplaces.com, deptofnumbers.com to compile some data on quality cities. 

I had a 5 unit on month to month and after a major costly repair (water issue) 4 of 5 units gave notice in December so I had to accept much lower rent to fill the 4 units.

If you have a vacant property and pay me a property in disrepair and it's not feeding you income, you’re getting eaten up with property taxes with insurance, water bills, grass cutting, snow plowing, repairs and city violations.

Analyze the home’s condition, possible repairs—what does it look like it needs?

Once you have a rental for a while and have made some repairs you should have a better idea of what to expect in terms of repairs.

hiI am looking at a property that has had a long term tenent ( deisel automotive repair ) working on trucks in their unit as well as the surface lot.

@Neel PatelYour numbers for repairs and CapEx are a little low.

- Does anything need attention/repair now?

What would be the least equity a wholesaler to take and make it into a deal taking into consideration 65-70% ARV - the repairs. 

We have absolutely no other income or means of earning income besides HOA dues and absolutely no other expense other than the maintenance and repair and measly amount of reserves.