Example:  I have a property that is likely worth $550K FMV today that produces about $60K a year in top line rents. 

If the work has not been completed by closing, the buyer can walk with the earnest money.You could negotiate a five digit escrow at closing to mitigate this risk ( unlikely the seller will agree I'm sure)You could gamble buy it and hope there is no contaminationYou could require the seller to produce a recent Phase 2 environmental showing no spillage or ground contamination and with that buy it and remediate the tank yourselfIf the seller balks at options 1 or 2 or 4, then all you can do is watch the listing age out and test the seller for motivation every month or so.

The inspector could likely just produce a “similar” report and charge a fee to additional people interested in the property.  

I've seen both single and multi family properties perform extremely well but the approach may be slightly different.Single Family Pros & ConsProsRenting by the room has a higher likelihood to cashflow (renting individually produces more revenue than renting in 'bulk')Being that you'd be living in the same house as your tenant, it is easier to ensure that you are receiving your rent on time and you have supervision of your dwelling.It is generally easier to get approved for a single family and the self-sufficiency test doesn't apply.

Purchase price: $53,500 Income Producing Property for cashflow What made you interested in investing in this type of deal?

Then there’s the conundrum of any mass-produced product: the consumer.

Every investor will have their own number, but if the property can't produce at least a 8-12% return people may not want to even consider it, so focus on improving aspects that will allow you to increase rents. #2 know your area and what things rent for, be careful not to over improve your building.

I also have a duplex income producing property here!

If there's not clients to assist, all you can do is learn but that doesn't produce checks.

You'll get familiar with the listings that way and can even have MLS access under a personal assistant account on some MLSs, will see contracts, hear office talk about what top producers are doing, etc.