My suggestion is to wait a bit until you have some real numbers as those will dictate answers and better formulate the questions.  

Once you confirm it does indeed rent for 1000 per unit, formulate your offer based on market. 

You need to buy paint formulated to paint on vinyl.

But I would just because a) it's fun, and b) I'd want to know as much about the property as I could, it'll help me formulate decisions down the road regarding repairs and budget.

Problems with this plan:A - CAP GAINSB - Closing costs, sales taxes, etc...C - Paper Assets are paying very low interest rates (nothing like they were when this pl;an was formulated)D - End result from sale -     1 - A) & B) above drains profit    2 - Low interest on what's left doesn't amount to anything near what the Seller had hoped/planned for.Solution for both the Buyer and the Seller:  Seller FinancingA - Seller Financing reduces/eliminates much of the tax problems and closing costs (no loan eliminates all the C.C from the lender)B - Offer can be larger than the AP C - Interest paid by the Buyer would be larger than what the Seller could get from a Paper Asset, but less than what a lender would charge. 

That said, learning from others experience is invaluable while trying to formulate a course of action.

He's doesn't mind telling me what the cost is per unit/project so I can formulate it.

I was hoping to formulate a plan of action before getting the ball rolling.

My current real estate goals are to formulate a plan utilizing a multitude of real estate purchasing/selling options in order to achieve financial freedom.

You can start to formulate a picture of the area surrounding a property and it will make the rest of your research easier.3.