We have a nice mountain view that would be the feature that would stand while still only 15min away from downtown.The plan is to use a loan out of my 401k to finance the remodeling.

View report*This link comes directly from our calculators, based on information input by the member who posted.I am basing these numbers on typical life-span of big ticket items, since there are no records of pulled permits on anything from the year it was built.

I was wondering what things you make sure to look at/for when viewing a potential investment property?

My understanding was when you are renting in your primary residence, i.e. renting rooms in your own house, essentially discrimination laws do not exist with the rationale being that you have to live with said people, so race, religion, sex, age, sexual status are all fair game.And again, as others mentioned, if you do feel like someone won't be a good fit, I would definitely keep it general as to why you don't want to rent to them and not state why, particularly if it for something that could be viewed as discrimination.

The prudent thing to do from a landlord point of view is preserve cash that doesn't need to be spent.

The realtor and lawyer probably know each other and the lawyer isn't protecting you.Beyond all of that, from a construction point of view: a property that is riddled with permit and inspection related delays will not be a good end product.

People just make offers sight unseen, and then get to view during the option period.

View report*This link comes directly from our calculators, based on information input by the member who posted.

And had well over a thousand people view the ad on just that one site (unknown how many viewed it on Trulia or Hotpads but I got calls/emails from both those sites too). 

Your CPA has a narrow view that is specific taxes and accounting, I'm not diminishing his knowledge or advise, just giving a different view on a broad and complex theme.