Here's a non-exhaustive list of some of the projects that we had to do to it.replace water main from the street to the housereplace all water lines in the housetear out all carpetPaint the interior (will be painting the exterior or residing in the spring)put in new laminate/vinyl floors throughout the houserepair dishwasher and oveninstall gutters on back of house and fix some water damaged areas of the wallreplace some of the rotted subfloor in the bathroom/laundry roomrepair the furnacereplace back doorchange door knobs and locksvarious other small repairs… patch holes, outlet covers, etc…Purchase price = $12,500Closing Costs = $1050Rehab (still an estimate, but it's close) = $13,500Total Cost = about $27,050Rent = $750/moHere are some before pics 

I found a property on there around 30% below market that only needed a little paint and cleanup.

My dad was always interested in real estate, and I wallpapered, tiled, painted, did yard work, etc, all before leaving junior high school.  

My son and daughter in law had to have the garage painted on the house they wanted to purchase with a VA loan.

We had to rehab some concrete, bathrooms, carpet and paint, but nothing complex.What I Learned:- It's best not to involve people you personally know as buyers of your investment property.

How much does your FIL know about fair housing laws, lead based paint disclosures, sex offender notification, the Americans with Disabilities Act, landlord - tenant law in the state of LA or other local ordinances?  

@Perry IvyWe have a few converted older properties (Second Empire / Victorian) in which panels were placed in kitchens, hallways and living rooms at the time the building was converted (or when the electrical was updated).One of the things we do in these cases is install a chalkboard/whiteboard/corkboard over them - a plywood box 1 - 2" deep with a  piano hinged door (which is the chalkboard/whiteboard/corkboard).You can purchase both magnetic primer and chalkboard or whiteboard paint ... a little pricy, but a little goes a long way.  

Throw down some new flooring and paint and re-sale or rent?

In one of my class B-/C+ rentals, 1 small dog turned into 5 dogs and 2 cats, which then turned into all new carpets and paint (which were brand new when they moved in) ... never again.

And all with no renovations other then paint carpet etc.