This is also super broad as well because I am not going to reveal my complete in depth plan on the internet, however connect with me and id love to explain my thoughts in more depth Nathan.

An inspector will look at the property and reveal any issues they see with mechanicals, roof, structure, plumbing, electrical, etc.

With this the property income or loss is reported on schedule E of your personal 1040.

I've scouted some neighborhoods and have noticed quite a few run-down homes that I would love to contact the owner on (ultimately to brrrr) but can't figure out how to find their addresses (aside from one website that charges $20 per report per property.)

Is that different between contractor and inspector and how much cost to hire them to inspect give me report total cost for repair or replace like electrical systems or plumbing or roof ? 

I have a number of owner financed properties, and don't need a good FICO, they don't show up on my credit report (they do show up on my tax return, though). 

This is much more stringent with FHA and VA loans with the property appraisal and condition report, they will require the deficiency to be remediated prior to closing.  

I don't need my FICO to be in good shape, closing costs are nil, and I get houses that don't report on my credit. 

Coupled with : reporting more income from the business (you will have to pay more in taxes, sure) but paying an extra 25k in taxes could enable you to qualify for much more and instead of buying for $200k out of state you could buy another primary home at 5% down payment (instead of 20% out of state) and buy out here in LA county. 200k out of state: 20% down : $40k 600k here: 5% down : $30k (with better appreciation and cash flow from ADU) You could buy in an area out here under 600k and again, put in an ADU and be in a better position.

Hi Lourdes, our local paper publishes a crime report where they plot all police calls on a google map and that gives me a pretty good idea of what areas to avoid.