When you are buying a rental that needs updating, you want to make sure you don't over improve it. 

The main things you need to find out are was the plumbing done and has the electrical been updated? 

I think Austin is going to offer you ample growth and stability! 

Right now they’re behind on updating it though, so it may have been inspected and I just can’t see it yet.

Put 0-3% cash down, put some money aside for closing, inspection, and minor updates.

They pay an atty to regularly review and update the leases for the jurisdiction.You can buy them for a minimal amount, well worth the cost.

He's working with an agent who wants him to provide monthly rent range he'd be willing to pay.What would a 2/2.5 updated townhome (1600 sq ft.) rent for in Knox?

There will likely be more than just the $12k in commissions due at closing - Safe to assume some seller closing credits, updating the abstract, etc., and don;t forget about Income Taxes on the flip at the end of the year!

When I've lent to about-to-be sellers so they can update and make market ready, I always get a lien position on the property and a deadline and a late fee / consequence for breach.  

I am thinking I should buy a home that needs a little elbow grease, house hack via 1-2 roommates and save capital and possibly renovate the home some with a strict budget (update appliances, bathrooms, new paint, etc).