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I want to be straight forward from the beginning and let you know I am going to be selective when it comes to properties I am pursuing and in no hurry and in no shape to buy the first property if the numbers do not make sense.

It's the screening process you and your investor friends used to select qualified tenants.

You can also go a step further and go to the water authority website, type the address in and select pay bill.

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Had I known about FHAs back then, I may have selected that strategy. 

@Kelly Conrad try siwek lumber yard in NE Minneapolis, they have a good selection of MDF, and if they don't have something - they usually know there to get it. 

An architect can definitely help with this, but not always required depending on local laws and scale of renovation.Focusing in functionality first is always a good starting point, because great color selection will never fix a house that just has bad flow.

If you know your market area well, you'll learn how to identify those areas (in my case, select northern suburbs of Dallas TX) where a future boom in growth and appreciation are highly likely - supported by a proven history of growth and appreciation (after all, money keeps following money).

Some are more selective and want to get to know their clients wants and needs more than others.