Since I'm new to this it's hard for me to accurately estimate how much renovations will cost and how much a property might actually sell for.

Micro-markets are the markets within the larger markets that match the specific criteria you need for rentals and/or flips. 

Lease option holders generally do take better care of the property, and of course you get a larger down payment and hopefully if you have a 5-7 year balloon, you can sell the house at an inflated price or they move out and you start over. 

During a site visit of the premises, I observed hoarding conditions of my newly renovated unit. 

However, independent of the painful schooling I've had being a long distance landlord (I refuse to hand it over to a prop man co), I've managed to turn the property around, literally doubled the rent from when i bought it, significantly improved the tenant base and have updated, renovated, and flushed out most of the poor workmanship the property has suffered over the years.

Then when the first one is paid off, you use that extra money to pay off the next one and so on, until you're snowballing into larger and faster payments...

You are much more likely to find a multi- state licensed agent in the northeast than you are in the larger western states

A newly renovated vs a dated but well kept property vs Dated with deferred maintenance would all figure into the value. 

Keep in mind any investment in an OZ Fund has to be new construction or a "significant" renovation which is 100% of the purchase price.

I looked into sub metering through the electric company, but the electrical cost associated was WAY too high for the amount i had budgeted for renovations.