@Brandon LewisFor investment properties I look for several key indicators- Local businesses/restaurants/shopping centers near by- Easy access to public transportation- Proximity to local schools and the quality of those schools- Investment in the area (is the area being built up/commercialized?)

Do you know if it would be possible to get bank financing in my scenario or is there something I can do to improve odds of acquiring financing?

The additional money that you need to pay because of unfunded capital improvements.

Are you considering capital improvements?

I have some great kiddos that have been instrumental in completing home improvement projects in the past and I believe it’ll be an easy transition into helping them become more financially conscious.

Most likely you will have to estimate expenses ect being you won't have access to the borrower to get this information up front.Bid based on worst case scenario of the 2, or most probable outcome.... 

Obviously sales price and general info on the property is easily accessible, but I always have trouble calculating monthly expenses and mortgage rates. 

It can also lead to abuse by tenants and neglect of properties by landlords, as there's no incentive to improve housing.If anyone doesn't know yet there's a major push for rent controls in cities across California and even at the state level (AB1506 trying to spread it to SFRs and condominiums). 

I have my license for the exact reason you describe as well as MLS access for comps.

The adjusted basis is equal to original cost + improvements - Depreciation taken on your return.You can look at your prior year tax returns to see how much basis was taken.See Schedule E - Line 18 - Depreciation Expense or Depletion>You may be able to exclude all/portion of the sale of the house if you lived in the house for 2 out of the last 5 years.I had to spend a few months fixing up the house before I sold it.