We look closely for asbestos and lead based paint (which are not deal-breakers for me, but they're a significant cost to remediate, so I want to know about it before I buy the property). 

It sounds like you know which avenue to take based on experience and risk tolerance.

Suburban areas like the South Hills or North Hills do well here based on those factors.

That's where your budget comes into play.

You will have no equitable interest in the property based on the Master lease, so I would suggest also having an Option contract in place to secure your right to purchase the properties.

Also, pretty much throw out the sellers numbers and do your own based on market conditions.

Little bit of a learning curve because you can customize reports and analysis based on your own equations but once its setup, its very effective and works great.James Storey, CCIM 

Thinking $150-300k properties based on what I've seen so far. 

They are investor-friendly mortgages that qualify a deal based on the rental income and do not look at your DTI in any capacity. 

Based off comparisons in the neighborhood, the house should be worth anywhere between $175,000 and $215,000.