If not, it'd be best to share which city this is in so locals can chime in.If this is in SD, there are a number of active multi-family buy-and-hold folks (myself included) active on BP who I'm sure would be willing to help make it happen for you.And, to your question, your next step is to figure out how likely it is you can get it under contract - in the current market, it's common to waste time thinking about things that are off the market in no time or won't actually get under contract for whatever reason.

Well, the money spent is a capital expense so you will be able to depreciate it on the property, so it's not as if it's wasted.

Fannie Mae house set to close tomorrow and the final walk through discovered all copper pipes have been removed.

Many of those will own their own homes, but my strong suspicion is there are at least 5% of that number who would need to rent an apartment without the risk of wasting application fees due to a particular genre of felony from their past.

These are a waste of time:@Jay HinrichsMy "pearls" have to do with developing the right referral relationships.  

Remove the wall, relocate the electric (he can see that)and give you  priceJust get a few estimates and select your best contractor and best price.

We bought our first 100+ year old house as newlyweds (read: naive children) in 1998 and have lived in and renovated several since, selling for a decent profit each time and learning how to do things like remove milk paint, do plumbing and wiring, and jack up a porch to replace failing beams.

No offense, but if you don't know what constitutes a good deal, you should probably be removing a few zeros from your price point to start out.Then check out this article:http://www.biggerpockets.com/renewsblog/2010/06/30...Then start reading everything on this site having to do with rentals, and that should help.

Locks changed and carpet/junk removal completed.  

I got a deal on it because it needs a lot of cosmetic repair and isn't the most functional house (the previous owners didn't live here, and for reasons I still don't understand, removed the kitchen and remodeled the bathrooms, but left showers, vanities and mirrors out (just new tile, paint, and a toilet in each bathroom.