@Lombosco Dixon There is a ton of free information all over the web and no need for paying some guy to tell you something that you can take the time and research for yourself.

I have friends that own real estate, lots of it; so I trying to find my niche to help them and others while making a little money on the side.I do web design and marketing, so lead generation / wholesaling are probably my competitive advantages.

I can give you anecdotal evidence - there were numerous 1BRs that sold for below 100k around 2010, for example on Summer St and Glenbrook road.

I have been absorbing them and have heard numerous episodes that address your very question.   

The approach my investor had was straight talk about the numerous issues he saw, some of which were not mentioned by the GC:  foundation, water damage that may have come from the outside, perhaps from the runoff from the neighboring property, rotted base boards in the corner (water damage) that could mean deeper issues.  

But in commercial real estate your risk is lowered extensively by doing proper analysis of properties and only moving forward with the ones that are numerically "Good Deals."

Of course, getting it under market is better, but to me, that doesn't preclude at-market deals if everything works out numerically.

Cost is $39,900 and will most likely rent for $700/month.I plan to have this house paid off in 18 months, at which point I will begin using the additional cash flow for future deals, savings, etc.The question is at what point, numerically, can I stop putting the normal percentages (i.e. 7.5% for vacancies, 10% for maintenance) away from the rent monthly, or at least reduce the amount to use more of the income for future investments?

Check out their web site - you can see their management agreement right there, I believe.

Do the web sites capture the data quickly or is there an advantage to pulling your own docs?