Things to consider1) Number of bedrooms / bathrooms / space for your tenants you can get for the $ you spend.

Is it good idea to do this project spending about 10k now.

I have had no luck trying to propose seller financing through realtors for on market listings.Bottom line, either spend some time and/or money marketing direct to seller or networking with investors that have been around for awhile.

Aside from that the biggest value add areas I see are as follows: Kitchens, Bathrooms, decks/patios (if added), additional rooms/bathsKitchens and bathrooms tend to be the go-to, but all of those can help you get the most bang for your buck. just keep in mind that if the area is already of high quality, then it may not be the best area to spend the money vs something that is blaringly in need of an update.

Quote from @Evan Polaski: @Jay Hinrichs, while I wasn't going to call them MLM, I did attend an Armando Montelongo (A&E's Flip this House from mid 2000's) seminar at a hotel conference room in 2007 or 08, which was the free funnel to spend $1,500 for a three day seminar or $25,000 for an in-person mentorship.I have seen similar promoted with Christina and Tarrek from Flip or Flop more recently.I didn't start realizing how profitable education can be until the last 5 or so years.  

So you each spend a few grand on a mediator and then work it out.

Which ever market you choose build a team and spend time connecting, networking.

I hope that's not what is happening in this case, but even people who start out above board, too often come up with bad plans when trying to scramble to turn an investment around to cover up what went wrong.yup  happened to me to in the late 80s company I worked for a 1 b syndication company .. started leaking oil and instead of flushing the bad ones they started borrowing from the reserve accounts of the good ones and the whole house of cards went down and I was out of a job and within a year was logging in ORegon  :)

You might spend between $5,000 and $20,000 on furnishing the unit, depending on your choices.

Research competition  and determine their profitability and how much they spend on marketing, how many employees they need, and how much time the wholesaler needs to devote to the business.