If a home has an ARV of $30k and needs $5k in repairs it's going to need to be discounted more than 70% because after closing costs there's no meat left.  

The problem is the laws and regulations vary tremendously by state and sometimes by county.

Even if you can clear 75% of your rent, the banks are still likely to discount that percentage for borrowing calculation purposes anyway.

That will be a tremendous asset. 

You can save a tremendous amount of money by networking with active R/E investors in your area and then partnering with them on any deals you find.

Rather, I plan to focus on rewarding long term tenants who pay on time with rent discounts for new leases (higher discounts for longer leases ala Mike Butler) and upgrades (really, things I mostly plan to improve anyway).

If the electric is showing age and stress and the profit is there and i discounted the house when i purchased it. knowing that i need to update the electric.

A Mentor in my region or anywhere for that matter will help me tremendously giving me some regional info and maybe some hands on experience in pursuit of my first deal.

They are risky transactions and buyers expect a discount to market value to make up for the risk.

Sharing your opinion and showing your internet muscles helps tremendously!