Will not disclose KNOWN defects, such as missing kitchen, stolen A/C unit, Chinese Drywall, roof leaks etc, ect.

If the house needs A/C or a roof you could get killed if this hasn't been addressed separately from standard maintenance type expenses.Anyone else have some thoughts on this?

Everything seems fine and dandy until that roof needs to be replaced, a water heater fails, tree roots destroy the sewer line, and don't forget about those lovely 'acts of god'.

If you want some responsibility as landlord like the roof, structure and/or parking lot the returns are higher because you are incurring more expense and spending more time managing your asset.

Then go to as many REO properties as you can and practice your skill set.Here is some more info that should help you: Break up the home into sections - Kitchen, baths, flooring, paint, stucco, landscaping, plumbing (including fixtures), electrical (including fixtures), HVAC, interior doors, door casings/baseboards, windows/sliders/front door, roof, foundation, misc., and garage.Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.

It is a very small home (2/1) that is in fantastic condition, the owner clearly took care of it - new tile on the floors, new counter tops, roof looks great, paint is in good condition.

Didn't cost anything and was super simple as the mortgage servicer always asked me when first getting set up online.Paying money to fix a roof (or anything really) when it's passed its useful life or you know you'll fix it soon anyway.

Areas we found water damage from worn and cracked drain vent boots on the roof. 

But then again , I have bought homes with holes in the roof , houses with broken windows , and houses with all the copper plumbing stripped .

It's less expensive to upgrade if your line is above ground (leaves the pole and comes to the roof of your house) vs. being underground.