.: Quote from @Daniel Cannon: Our Situation:This is a @Michael Plaks: type of question, if he chooses to respond.Your questions are specific enough to your situation, I'd suggest you pay to have an actaul conversation.

What made you interested in investing in this type of deal?

The 60-day notice of lease termination is the more effective type of eviction for sure though.  

Everything is highly individualistic and there isn’t a “right or wrong”, but what works best for you and your situation. 1) what is your ultimate goal for your ideal investment property?

I am a Certified Tax Planning with a firm that specializing in this type of work (without the overhead). 

You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

The budget required would be more like 350-400k ideally.

- ideally I would like to do two bed two bath or maybe even one. not opposed to 3 bed two bath.I would like to build new.

For FHA 203K (rehab loan), all work will need to be done by a licensed contractor per stipulation of loan type for major renovations.

Some first time home buyer will overestimate their DIY skills and underestimate the scope of work and cost.While equity is a percentage (ideally 25%) rehab cost is a dollar amount that does not go down with lower priced properties.