Beauty is in the eye of the beholder!

Found out later that this was this GC's MO to undercut everyone's bid, then make back the money and then some with change orders after the project had started. 

Start by reading "Long-Distance Real Estate Investing" by David Greene.

You have to pay capital gains regardless of whether you had a mortgage once you sell unless you do a 1031 exchange in which case the process starts itself over and you don't have to pay capital gains tax unless you sell and don't 1031. 

Then I have a solid baseline to start the rehab.  

Multi family on the very low end will start around 400 for a big project.  

If your bank ordered appraisal (if you had one from your purchase) is less than the assessed value, that's a good starting point to submit as supporting evidence.

I want to branch off from being an employee to starting my own portfolio of residential managed properties.

They aren't financially responsible if things don't get fixed etc.In my area many out of state landlords designate a local partner, handyman, etc as being their "agent" for purposes of this requirement.If there is a serious issue with the property, I guess there can be no excuse for the agent not to come to the property quickly to at least evaluate and start to address it unlike someone out of state.

Is an email with all this information the best way to start?