The cellar distinction is incredibly important and is what everyone should want. 

The deposit that the plumber has to put down is substantial, and he doesn't get it back for years.Eventually, I'll get the bbox to main service pipe replaced.The whole problem is that the City REQUIRED the use of lead pipe up until 1986, even though the dangers of lead pipe have been known for centuries.

And that's an important distinction because if, for some reason, your tenant were to ever lose their assistance, you'll still have the lease between you and that person. 

For investors, that's an important distinction to understand.

Even if you sold it but bought it back as a finished house you're in danger of creating a step transaction. 

Also, it is violent and can be dangerous.

I am sure his thoughts were when he became an officer was arresting dangerous criminals, taking down drug dealers, etc., not throwing a sick disabled person out on the street.

Hi David,When I am first evaluating a deal to see if it's worth pursuing I use the 70% to 75% Rule.MPP = (ARV x 70 up to 75%) - RepairsBased upon MY EXPERIENCE estimating repair costs on hundreds of projects I can generally look at a property and know a rough range of what I would spend on the repairs to help me quickly analyze a deal.If I determine if the property is worth pursuing, I will walk through the property and perform a detailed analysis of all project costs and put together a detailed estimate of the repairs.So here's the tricky part for newbies, unfortunately, there is really no easy way of 'getting close' on repairs if you don't know what to look for or know nothing about construction, repairs or costs...There are many factors that can influence repairs costs and it can be very dangerous to ask other investors how much they pay for things because their circumstances can be substantially different from your own.  

Ideally I would find a partner to split 50/50 the profit for 100% financing, and have a mentor to coach me from crossing into dangerous deals like you mentioned.

Investors buying in small price points under 2 million can be dangerous as often the investor is NEW to the space and they are dealing with brokers and agents that are typically under 5 years in the business.