This will be my first investment property so don’t want to burn out.

. - I feel they may have been burned in the past maybe because a previous owner had a foreclosure or couldn’t maintain expenses.

The market is hot, so be careful (patient too) that you don't get burned.

Anyways, in two years he'll have $28,800 (assuming he saves every penny) but let's say that extra cash is burning a hole in his pocket so he spends $10k.

@Adam Burns  There are a lot of savvy vendors that have entered the market over the past few years.  

That adds quite a bit to a mothballed property's burn rate.The SimpliSafe cameras are $99/each to replace.

They can make all kinds of excuses - the unit already smelled like smoke ;  the neighbor smokes not me ; the wind blows it in from next door ; I didn't see the cigarette burns during the move in inspection ; I only did it once ; somebody else left those cigarette butts outside my door, etc.   

Did it fix a burned out house in a bad neighborhood?

http://www.detroitnews.com/longform/news/special-reports/2015/02/18/arson-fires-detroit-cost/22596529/Every day more and more of Detroit burns down.This could be your great cheap cash flowing property. 

I saw that the areas my team advised on had were like any other working class neighborhood and the stigma of "Detroit being all burned out homes" wasn't true.