All I had to do at that point was plug them into my existing system.You need thick skin in this business but I think most of the money from it is made by creating a system that manages your own portfolio well, not other people's portfolios, especially in multifamily. 

@Daniel Lioz I certainly think it would help your appraisal, and somewhat depends on the quality of the lease/tenant for the eyes of the bank and appraiser.I think you're somewhat asking if you can get in the purchase with no money-down because of the value add, no probably not, because the bank will want to see skin in the game.

Now before everyone jumps on me and says there no skin in the game let me start off with the reason im so gun-ho about doing this deal. 1.

I believe having in house property management - that will forever have skin in the game with you and your investment is the #1 necessity in purchasing out of state.  

If the City doesn't require a design professional and you complete the work with a fly by night contractor, you as the owner have much more skin in the game if something goes wrong.    

They have more skin in the game then you do.Make sure you get clear title.

Not all sellers will accept an offer with so little skin in the game. 

I just charge  a large enough sum that the tenant has some  skin in the game. 

I understand a lot of lenders want the rehabber to have some skin in the game, but is it stupid to search out a person who group who doesn't?

What skin in the game will you have?