And yes, as Ken Nyczaj says, learning from those books he recommended is like a must before you make spending decisions.

@Brad Patterson if the seller accepts your offer, most of it the process will be similar to the first with the exception that you'll need to spend more time on the details relating to the mortgage financing which can get a little technical for a blog but put simply...  

I have been doing Airbnb solely for 2 1/2 years an a SFH and even with internet connected lock and camera, maid service, auto price online service; I still have to spend 3 to 4 hours a week at the house checking condition, replacing supplies, and doing minor repairs.  

We expect to spend 3-5 years out of state for the job, and then return back to the Bay Area.We've owned the home for 4 years and it has appreciated a nice amount.

I would make sure they understand you are taking on the burden of fixing up the place, and I would be buying it now before they spent all their time and energy getting it fixed up...The more time and money they spend the more they will expect at the point of sale.   

Depending on your expenditure amount to spend would effect your way to go. 

Greetings BP,Just curious to see if there may be any multifamily investors that are opened to assisting with the execution of a purchase through guidance and help for a portion of the equity in the property. 

Happy to network and assist.

Develop a relationship, see if they’re savvy, and if they know real estate most high quality lenders will spend extra time with you making sure that you are organized in the best way possible for them to give you money.

So what happens when you spend the money for a new system and the house gets no cooler ?