If you are buying using traditional financing, you will most likely be buying at fair market value using the MLS and Realtors, which adds to costs. 

To be fair they were new construction brick with concrete scored floors..

Meanwhile, I would purchase it from them for a fair value, put cash into it to fix it up, and increase the rent to make my profit. 

I have been trying to think through this mental exercise a fair bit lately.

Hey BP CPA's,I'm a DIYer when it comes to taxes (please don't yell at me) and until now my taxes have been fairly straightforward.  

I think that's a pretty fair and accurate description, @Rob Cee

Cost to set up an LLC is $125 and is pretty straight forward and simple.

Looking forward to hearing about your successes and perhaps we can continue networking as I'm fairly new at this as well. :)All the best,Elle 

Fairly common. 

I didn't experience any issues with the appraisals, but the UW process was a bit tedious, but it was being outsourced that time.I've gotten quotes on loans since then and I speak to my rep there fairly often so I have a good pulse on what's going on there and I'd say they're much improved, but I can't speak as to what how the loan process is currently, but for those who have limited access to blanket loans via a conventional bank I suspect that the ability to secure this kind of financing makes most lender related hiccups a mute point.