To get the real costs put the property under contract with a no cause escape clause.

don't let a little cash for permits cause you a headacherealtor disclosuresif you rehab and sell and the selling agent does not disclose updates his or her head is in a slingthey will let the buyer know of updates esp for sellplus you have the home inspector that will really knowcover your bases and don't be stingy with the money for permits, it will save you a lot of heartacheenjoy

Understand as well, that some first position lenders will not allow a loan behind theirs (i.e. simply borrowing the rehab money can cause a default of the first position loan).

As for myself, I happen to live in one of these areas, and would love to dive into REI--while the local listings are certainly more affordable, thoughts like those mentioned above cause me to question whether I shouldn't confine my investing to the nearest metropolitan area and its immediate suburbs.

What generally causes rents to go up and down?  

We've had to make some silly repairs of damages at our expense that were obviously tenant caused in order to get our rent checks, but that's part of the section 8 game. 

That is one of the reasons I'd never accept prepaid rents cause you have actually volunteered to act as a free bank for the tenant.

I still believe that the tenants themselves in lower end units will cause more damage, wear, and tear on certain aspects of a property.

Regarding the garbage disposal, I've been under the impression that they cause a lot of maintenance headaches, what has your experience been, and what advice do you have regarding them.  

Making offers on bank owned stuff is kind of a lost cause to say the least.