You can buy fixer uppers and have real equity once repairs are complete.

I also have $1000 in minor repairs to do.

I also when its someone new .. will google street view.. get the person answering the phone to describe what her office location looks like  or I will say hey is that a McDonalds across the street from you when I know its a burger king.. then the other thing I will do is make them recite some information on the hud that a scammer would not have access to.you simply cant be too careful.. millions of dollars a day are being lost in this manner. 

If you don't have atleast an additional $10K saved up you may end up in a tight spot financially if you have an unexpected repair. 

Anyone have a foundation specialist that they would recommend in Cincinnati?

Loan amount $110,400Gross rent: $1350 including $675 from a tenant and $675 from me. minus Mortgage $841 PITI Repairs $100 ($50 per unit)Cap Ex $100 ($50 per unit)Vacancy $65 (roughly 5% of the rent)_______________________________________$1106 in expenses $1350 - $1106 = $244 cash flow

Realtor tells us comps go for around $160k but we still owe money on this home and we're probably looking at $20k-$30k in repairs.

The general idea is the bank will loan you extra money to cover the cost of repairs,  this is typically only done with commercial loans and they usually escrow the money and release it to you as you complete the repairsBy way of example say you buy a 500K house that need 100K in repairs. 

I met the seller who does the occasional flip.... good to keep her number handy in case I am looking for something in the future... and apparently her dad has a small construction company, so thats handy if I need to possibly get a price on some repairs or remodelling that I don't want to tackle myself. 

Most wholesalers and wholesale buyers don't do inspections because they expect the property to be bad, but you should have a general idea of what repairs cost however inspectors are not used for this purpose.