Find out what the low and high is for a bedroom in the area and pay attention to the condition of the rooms and nearby amenities. 

Many banks will have a condition that you have to live at least 12 months in your primary residence.While living in your primary residence, if you choose to purchase another property, it will be considered as 'Investment Property' and generally, you have to put 20% down, and for multi-family i believe it's 25% (Again assuming that you are financing with banks)Goal 3: Refinance :   Personally, I would run my numbers little conservatively here and consider my LTV would be 70% to 75% just to be on more safer side.

@Nate PucelThis basically means the buyer will inherit the physical and legal conditions of the property.

But how can a tenant be responsible for something that they don't know the condition of prior to signing the lease?

HIndsight is always 20/20 but what you should consider the most is your market conditions in your area.

The property just has to be in bankable condition.   

Hard to know anything without rent roll, taxes, insurance, Condition. 

I also recommend MLS (if you or a friend has access to it) of units already rented in close proximity, condition, and bedrooms / bathroom count.

Buying single family homes that are in too rough of condition for the none investor, but also not enough damage to do quick flips for a full time house flipper. all three deals have provided around $20-25k in returns after all expenses.My question is as experienced investors if you were to start all over what lessons learned do you wish you knew then that you know now?

The home has to be in move-in ready condition to pass an FHA Appraiser's inspection.