And I saw the biggest rat of my life in one.

etc.To me, these repairs represent the biggest risk.With that said, if the risks aren't huge, time has a way of making most real estate transactions look decent.

This just seams easier than a mortgage refi although a few interest points higher.I guess my biggest question was because I am buying property 2 at close to retail numbers to sweeten the deal on property 1 am I making a newb mistake?

I’ve seen the biggest annual condo increases happen due to new developments (starter fees, then jumps to reflect actual expenses) and after major storm damage (can’t control that one.)

Which will cost you the least and bring the biggest return to fix to rental quality?

Since the Selling Price is the biggest variable, the lower you set your Preferred Return amount/rate, the more widely variable the overall Investor Return and the more dependent that Return is on the guesstimate of the Selling Price.

Some of them are very talented and are portfolio building so want to deliver a great finished result.Maybe not accomplished, but certainly reasonable.The down side is there's front end screening time and turnover.Just a thought...

This could be the biggest way to kill a deal. 

I would really like to do that my biggest problem is getting the money to get started.

Since you can purchase properties at such a low price compared to the monthly rent, they will cash flow very well.Your biggest challenge will be managing the properties since the tenants are more likely to complain.