ARV I think would be in the 200k range.  

That gives me a range of maximum value for the house if it were completely rehabbed.

I am searching in not only in Charlotte but a wide range.

For rental condition, make sure everything is clean and functional (and safe) and has amenities similar to those in your area and price range.... no need to make it look like HGTV after shots...Some of these items you list sound cosmetic and it may fair well in your rental market as is or with just some minor fixes (again, I would look at similar units for rent (not sale) in the area to get an idea if formica and older carpet is the norm in your area and price range...)And I would simply look at temporarily blocking off or restricting the fireplace use, clean the carpet, tack on the molding.

I am looking to purchase in the $2 million range and expect to hire a property manager for the property.  

What type of properties / price range do you like?  

In the Rose City area of NLR, many of the homes ARE in a flood zone which, as I am sure you are aware, will increase your insurance and reduce your cash flow, which may not be that much of an issue for you with respect to how high your cash flow numbers are.Best of luck.

Response to Angela DeBorjaI believe you need to be where sellers, owners, investors and auction bidders are to really be market wise.Learning this business has many advantages, but also giant pit falls; tenants suing you, not paying rent, rent escrow, no income (mortgage must be paid), repairs, unnecessary calls.negotiating with sellers can be distressing; tax sale, mortgage foreclosures, health issues, bankruptcy, estates.Bidding on tax certificates, lots of competition.I like to avoid the competition and deal directly with people who really want or need to sell.Go where you are respected and appreciated - to the sellers who want an offer.Rent court - who goes there - tenants who don't pay and----- and landlords with tenants who don't pay!

We are currently in the position that we would like to buy land (2-5 acres) and build around the $350-$400k range.

We own two properties under our LLC, If they are both sold this year, we have to separate all costs to the respective property, correct?