Our fee depends on the number of units and condition of he property.

Your contract should state that your buying the house in the condition it was when you initially offered, if it deteriorates or threatens to let them know to fix it or get a contractor to remediate the problem while it's dragging out.

It is to encourage investors who have the cash to flip and increase the value of these neighborhoods.

This actually increases your risk, not decreases it.

Only the most desperate renters would probably agree to live there so the price of the property would have to be dirt cheap and cost you as little money as possible in the rehab to make it worth the effort.Your gambling that the surrounding area will be gentrified in the next few years and increase the property values.If this was in Southern California I would say yes absolutely but,the ATL may be a little harder to wait for unless the population booms there in the next 5 years.

My long term real estate goal is to purchase rental properties that cash flow and create passive income that I can use to roll back into my investments and increase my portfolio. 

I try to define the neighborhood boundaries, then look at number of beds/baths, then condition/amenities.

It seems to me like an easy 3% ish percent equity gain or a way to reduce the loan a little and increase cash flow a bit for almost nothing, that's my thought any way.  

My wife and I are in the energy industry and love our jobs but recent market conditions have us wanting to hedge our income resources.To be honest, I don't have any aggressive or lofty goals at this time.  

Once you find the owner of the vacant house then you need to set a time to visit the property to see the condition.