I would be looking for full-time employment but would also explore freelancing (at a discount?)

We are both photographers and will be continuing to do freelance work out there.

Obviously the rent is very attractive. 

I've heard they can be negotiated down once the city sees you are going to make the property conform to the codes, but it isn't a guarantee, so its wise to factor in the cost of paying those fines into your deal (making a lot of the MLS "deals" a lot less attractive).  

This has buoyed property values and also attracted renters to these areas as well.  

I have a current listing where I'm offering 3% to try to attract a little more interest.

When you hear people saying "using none of my own money" and other such dumb phrases, and the leveraging boys going on and on about how they are on their way to their first $10m, TV shows about flipping properties using your neurotic wife as a designer, or two guys one of which owns a sledgehammer, all redoing houses, and then flipping them for a (massive) profit - face it - the forum is going to attract nutters.And where's the qualification in all of this?

Travertine (in my opinion) is a very attractive material and provides that 'wow' factor when you go to sell. 

But, you could spend money maybe on the exterior, roof, car park to make it more attractive for a tenant.

That's why the returns always look so good on low priced properties, the increased risk that comes with more drama at that end of the market makes it attractive if you have a strong stomach, thick skin and like roller coasters...Certainly crunch the numbers on your prospect properties, but also overlay things like safety, quality of local schools and overall appearance of the neighborhood, (the things that responsible people care about).