Strong performance from your first investment is going to give you an invaluable sense of confidence and enthusiasm.As far as knowing the midwest, get with someone who invests in & someone who manages property in the market you're considering.

Overall we agreed to pay off their back taxes and let them stay in the property for an unspecified period of time (we estimate 2-3 years at least) for $450 /month and they cover all repairs and improvements to the property along with their own utilities.

Minor cosmetic improvements.

Minor cosmetic improvements.

Then most large home improvement stores like Lowe’s, Home Depot, etc offer free installation on carpet if you buy from them.  

Honestly, I've become a lot more confident about home plumbing and electrical systems.

As a landlord myself, I appreciate the surplus of investors coming in and improving the neighborhoods here with flipped homes that would otherwise continue being dilapidated properties. 

If you're not a construction professional already, it'll buy you confidence.

If you ask how much something costs to repair and he/she can't give you a ballpark number they either don't know or aren't confident enough to give you an answer.First things that come to mind that people may not think of:- Crawlspace or Slab Foundation - Crawlspace makes it easier to relocate utilities and do structural repair if necessary now or in the future.- Cost of work required based on current market rates (for example right now electrical work is very expensive in Charlotte metro compared to historical norms)- Are any code issues with the City of Charlotte or LUESA? 

You can also fund improvements, like an FHA203k, but you don't have to live there & can do a lot of the work yourself.