New investor here, looking to get started on flips and value add projects in the Denver area.After spending many hours buried in property records searches and financial spreadsheets, I've determined the best way to move forward is to enlist an agent who caters specifically to buyers looking to capture value from rehabbing run down and distressed properties. 

It doesn't make the house worth $350K-$400K.   

IMO it would be worth paying a local attorney who performs evictions in the area the property is located for an hour of time to put a plan together to make sure you don't accidently do anything out of bounds.

Also worth noting, unlike the stock market where you can buy into the broader market and the market price is set, real estate you are buying a single specific deal where prices are not set.

No.Solutions: 1) Stay out of it 2) Camera the laundry room and check the condition of the washing machine after each time you see residents using laundry, charging the prior user for any damages. 3) If you are convinced it is the mechanic and they aren't worth keeping as residents, non-renew them at the end of their lease.

You may get a high amount of cash flow but I think you’ll find the headaches aren’t worth it.

That said, I personally wouldn't invest in that type of area, in my opinion (for whatever that's worth) I'd advise taking on some debt and going a little higher in price to get a more consistent area that will provide a safer investment. 

I would say regardless of if you get a deal here the value from going thru this analysis is worth it! 

It is a little bit of a pain because of the repair on the exterior, but removing all the liability of someone breaking the glass and getting hurt isn't worth the chance. 

It's definitely worth considering for its strong rental market, growing population, and diverse economy.