I am a naive want-to-be investor (right now) looking to get myself to a good level of knowledge to pursue the field.And although the I live in the UK (where I'll invest) I've been listening to the BP podcasts in order to learn how to invest and how to think as an investor: which are not things restricted to an American information source!

Some good info for a base of knowledge and conduct your business legally but most not very useful.Focus on systems to serve clients at a high level,  your sales skills, negotiation and ways to get leads. 

I think a lot of it depends on what level of due diligence is needed.

The number one fear of new landlords is placing tenants, so this adds a comfort level for them.

The lower units are usually accessible but for the upper units you may have to open up walls; hopefully just drywall and not plaster!

I took a very high level look at it and the proposal is quite ridiculous.

For example, a higher cap rate indicates a higher potential return, but it also indicates higher levels of risk, which means that the price an investor may be willing to pay is lower.For example: An investor was considering purchasing one of the two properties.Property 1: $100,000 NOI / $1,000,000 Purchase Price = 10% Cap Rate.Property 2: $500,000 NOI / $6,250,000 Purchase Price = 8% Cap RateWhen comparing these two potential purchases, it is safe to assume that Property 1 carries more risk because it has a higher cap rate.

We're both dedicated and hardworking and have the skills to make repairs so a fixer upper is not out of the realm of possibilities. 

It seems as though you have some high level return metrics you are looking for (i.e. 2x multiple would indicate you're looking to double your money during the investment: $50K ----> $100K) so curious what return you are looking to calculate more granularly?

JD said it best - I'm ok leaving some money on the table, as long as the property is performing at a high level.