I've been trying to find more basic/newer properties, but what you're saying makes sense (find a dated but livable property to start out).

Using the basic 70% rule (70% of ARV, minus repairs (and closing)) I come to a max offer of $145,200.

We wouldn't really need to add anything else, I don't think... basically renting the land out.Does anyone have any thoughts or opinions? 

I know I've met a lot of investors who are using them to basically liquidate their holdings here and look for other opportunities.

I basically have several questions for you folks:Is this a good strategy for the first investment?

Pretty easy when its just a quick clean, paint touch up etcBut when its a bit more.....Kind of weird basically saying "here's pix of the unit....but it wont look like this by the time you move in".

It ask them the basics like you mentioned and things like salary, people on that would be living there, previous and current landlord, dogs/pet info etc.You don't have to login to get the application and take a look at it.I charge a $40 application fee before paying to run the check.

Fast forward: Servpro serviced and Insurance fixed the repairs, basically everything seems new in this place, but I'm still not sure how to feel about it.

You have a Rich Dad series book in there (by Ken McElroy) and it's a good one, but you gotta get his basics.

So can probably answer some basic questions if you have them.