We always try to choose renovations that make it easier on us in the future, time-wise and maintenance-wise in addition to what is expected for the area.

No attempt to clean it up has been done in months.

There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

It's much easier to figure out what's working if you keep track of results.

She was the only owner and title search is short,sweet and clean.

It's a lot easier to sell a home that needs some work than a house that is half-built.

Long as it was cleaned up LOLIs this a known discussed fact around town like " Hey thats the house where 2 people were shot!!"

Would it be illegal for me to give the seller say $3,000 if he turns the key over to me, moves all of his stuff (including junk out) leaves the house clean, doesn't destroy it on his way out and moves out on time???

You should be able to get approval for this once you talk to a (competent) human (sometimes easier said than done).

I told all parties that I'm not an appraiser, but I used these forms to make it easier for all of us since we are all familiar with them.I mentioned in another thread that one assessor took issue with the fact that I'm not an appraiser and tried to have all of my evidence thrown out.