Alternatively, I believe I can sell the condo and break even in five years, due to improvements in the neighborhood and paying down the principal during that time.  

Even after spending 15k on repairs and improvements my total debt on the property is only 40% of the ARV. 

Knowing your numbers will give you the confidence to move forward when you DO find the deal.

I know most of you would tell me I should be pre qualifying leads before actually wasting my time to go to the property, but I wanted the experience of walking through houses, learning to build rapport and improve my sales skills.

I am forming a "C" corp for this purpose which is pretty complex but I am confident it is the right move for me for several reasons.

Although I am not completely opposed to renovation I am looking for something a bit more turnkey which I can add value to through non structural improvements.

However, I have full confidence in myself and I am definitely wanting help along the way!

Then analyze potential areas of improvement after the dust clears.

We are aware of the permits, utilities, and drawings and such that needs to be done to make this happen and the approximate cost to make these improvements.  

I'd be willing to consider coverage for the improvements as they exist and not necessarily the replacement costs.