When the Millennials do settle down, get married, have a couple of kids — at a later age than previous generations — we know single family with good schools looks a lot more attractive.

From what I can see from the windows it seems the bank has kept the utilities and AC on, and aside from a carpet cleaning and some paint it is pretty clean.All that being said I'm am thinking of picking it up to rent for a few years, then I'll upgrade the kitchen and flooring and move into it, and rent my current home, or sell it depending on how strong the market is and move on to the next investment.Problem is that while I have awesome credit (820+) and work history, I only have maybe 5k cash I can use for the property, the rest needs to be mortgaged.

Generate a list of non-owner occupied and absentee owners within a 10 mile radius of the zip code I am looking to invest in using ListSource.com.2.)

First, the condo is a little 'grimey' and would need a paint job, carpet, and a cleaning (not in that order).

For wood floors, steam clean them and put on rejuvanate (about $16/qt at home depot) which lasts about 6 months or mop and glow (which lasts about a week) to make them clean and shiny, if you really can't afford to have them sanded.  

If you buy at a tax sale the title is clean but for IRS and sometimes back taxes on the propertys.  

I expect to spend another $3k to clean up the other unit once it's empty.  

The 10% is important, and lease options seem to have a bit of a bad smell about them these days....Am looking to generate cash flow as well, without the hassles of landlording (have been burnt there before!)

^i second that.but if u keep a bird in ur hand too long, it gonna pee and poop up a stenchwanna be left clean and empty handed?

You can't demo the property (I.E. clean up ANYTHING) until you have certifications that there isn't asbestos.