Feel free to reach out. 

I am working on applications for 3 college students. 

Depends on whether you're looking for cash flow, appreciation or both, what cost of entry you prefer, turn key vs. needing rehab....there are good and bad areas in every state. 

So I strongly recommend people know who and what they are dealing with - saving $5-$10 a month can cost you a lot more in the long run

Comparing quotes will help you identify the most cost-effective option.2.

From there you'll need to determine Debt Service (if it's a financed deal) and Capital Expenses, to then calculate Cash Flow.The Cash-on-Cash Return (CoCR) will just be Cash Flow divided by the All-In Investment (Purchase Price + Renovations + Closing Costs + Wholesale Fee).If you're wholesaling these deals, I recommend you aim to offer your buyers a Cash Flow of no less than $250/mo and a CoCR of 10% or higher.

@Tim JohnsonThere are essentially two ways (and a few variations) to purchase this deal, depending on how the owners are selling it:As a going concern:  In this instance you are buying the business, so it is the business you evaluate: assets, liabilities, revenues (historical: 3 - 5 years), operating costs (historical: 3-5 years), future financial projections, goodwill, etc.    

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

The repair costs will take multiple years to recoup and with the age of the property I'm concerned if it's even worth holding long term or get out while I can before I fall into a money pit and get stuck.  

Feel free to DM me for more specific recommendations or to discuss your options in detail.