It's vital to have a rigid vetting system for tenants.

., just a habit from residential stuff.

I've had some experience with renovations (habit for humanity, family members that have built their own homes, personal projects, etc), but risking the solvency of my investment on it seems like the wrong plan.

(just one of the many reasons yearly inspections are vital!)

sorry for the late response everyone, my regular job has been nawing at my ankles but thank you so much for your vital info all is welcome and helpful.

If you want to scale and grow a portfolio, that up front equity is absolutely vital or you will be stuck with one or two properties and no where to go. 

Make an offer on what makes sense.Once you get the property, you can either move in to the place (if it's habitable) or stay in the hotel/corporate housing where your contract is.Spend your evenings working on the place and cleaning it up. 

The lender is a local bank who is very conservative in their lending habits also.  

Networking in real estate investing is vital so don’t be daunted and go to the events!

It is vital that you have a high-level of trust in a relationship and this is a prime example of why you should never take anything on faith.