I'll be adding value based on the Scope of Work which will consist of cosmetic improvements to include the following: painting of interior/exterior, power washing, cutting of lake grass, upgrading bathrooms, new kitchen appliances as the kitchen cabinets are in great condition, upgrading of electrical outlets, installing of new lighting fixtures, cleaning of tile flooring and etc.

@Jim Morris you got some prettrenters good advice already I’ll just say, when people feel powerless they go overboard and try to act like they do.He clearly is delusional and thinks he has power.

Not sure how investing in other peoples flips would generate passive income for you to retire therefore starting with turkeys sounds like a better option for you

Using the BRRRR method is a very powerful approach to start RE investing.

@Chris A.Isn't this just called "bargaining power" in Econ 101?

In which cases should you apply these formulas (I.e. flipping, rentals, turkeys, vacancies, etc.)?

It's just that they have no bargaining power to change the terms. 

That's the power of tax deferral and compound interest.Besides 1031 has been in the code since 1919ish. 

I'd be a little cautious about leaving power tools for a tenant to use. 

Assuming you go FHA, your down payment is back down to 3.5% which expands that purchasing power, and with FHA you have to pass the self-sufficiency test on 3-4 unit properties.