Before you know it, you'll be testing the paint for lead, the water for arsenic, the air for mold spores, pulling up the subfloor to determine the radon seepage, raking the yard looking for poisonous snakes and camped out with a flashlight and a machete in the yard in the dead of night warding off the threat of a zombie apocalypse while they chat up your other tenants into a class action suit to address your "negligence."

Would require new interior paint, exterior cleaning, flooring to replace carpet (when home is vacant)From the surface this looks like a good deal but I am only starting to learn about this market.

@John Woodrich - very good tips! 

Typically chipped and peeling paint (lead hazard), anything problematic that could put the buyer at risk - that kind of thing.  

It is common to have the FHA appraisal flag small items, peeling paint, correct, re-appraise, and purchase. 

it's a distressed property so of course there are some things wrong.it's freddie mac REO, way past the owner occupant period which ended in january 2018. it was originally listed at 50k dec 2017. went under contract in july at 42k, now it came back at 38k. but looking on redfin it was on and off the market since 2012.its in a neighborhood where houses are selling between 70k - 135k. in fact the 135k looks just like this one and its on the same street. on the inside it's pretty nice, seems like just paint and flooring. might need new mechanicals etc and some mold in basement. so as a newbie i'm thinking, what am i missing?

Hello everyone! I’ve read enough books, listened to all the podcasts and I’ve decided to take action and figure everything out as I go. I’ve decided the first logical step to take is attending a REIA meeting. I will b...

Any tips would be great.

Would they likely have documents such as lead paint advisories as well? 

Our plan in to stock the warehouse with items that we use routinely, from appliances, plumbing fixtures, paint, toilets, toilet flappers, etc.