Define strategies for how you could get the money (you can find lots of discussion on raising capital on BP) and estimated costs for various items.Look around your area for finished retail homes to see what styles and finishes are popular and what is selling in your area.

On a  $ 200K house it would have to be some pretty good landscaping to raise the price 30 to 40 thousand .

The building being run down would be ok, as that can create an opportunity to raise the value once you purchase, but the entire neighborhood is run down and that can't be solved by one good property.

- Rent: $1700/month (I can probably raise this to $2000/month)- PM fee: $170/month (10%)- MX: $170/month (10%)- Vacancies: $170/month (10%...the property management company is averaging 5%)- Reserves: $85/month (5%...I may need to raise this as the building is 90+ years old)- PITI (Loan Principal, Interest, Taxes, Insurance): $425/Month- Cash Flow: $680 /month- Cash on Cash Return: 15.4% (originally projecting 21% - Pesky repairs!

Assuming you can raise rents right away by >10% as a newbie investor who lacks real experience seems a bit aggressive.

I know they do a number of rehab raises.

My Realtor is concerned that the cash is not in my name and that if we provide a bank statement from the lender it will raise a red flag with Fannie due to the lender's name not being on the deed.  

Also set up a Reg D private equity fund to raise capital to be able to purchase larger pools and expand our reach.Bob

The owner also said that they hadn't raised rent in 4 years.

I wish the cost was lower for the "up to 10" crowd, but that was a corporate decision to raise the pricing a few years ago and nothing can be done about it.