So, of the place is a pig sty, then we inspect the apartment 1 or 2 weeks before then tenant moves and we have our contractors and cleaning crews lined to do their work like gang busters (whatever that means).We just started using zillow.com about a year ago to rent units and for a while we got some fairly desirable tenants and for the past few week's we've been getting the most-undesirable tenants.

What returns would you expect/desire?

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What is a desired layout changes over the years and if you've had no problems renting them, others are okay with the layout.

If you stay on the weekends because you are away Mon - Fri, there shouldn't be an issue.Please note, depending on the location, property type, and seller's situation (i.e. their motivation & desired closing date) 203K loans can be difficult to get accepted. 

That’s how my firm invests in every deal.  

It really depends on what works best for your firm and your clients.

The nice part with this too is it is now your cash and can be used to buy in an LLC if you desire and if your loan officer allows it. 

Knowing the answers to these questions before hand will be one less thing to worry about during the option period and will also give the seller confidence in your ability to close making your offer more desirable than some others2) Know exactly what you're looking for. 

Originally firm on only buying in Florida so that I have economies of scale with rental management, more simplicity in life as I'd be dealing with fewer contractors, management companies, disasters...Problem is I can grow faster investing where I am now.