Personally, I look for cash flow first, because my goal is to replace my income with cash flow, but everyone has different goals.

My goal is to achieve financial freedom by 35 and I am well on my way to doing so.

The answer is to develop a policy forbidding certain numbers of unrelated people.

One of the best ways to get good information is to call local General Contractors to ask for referrals or City Building Inspectors. 

My options that I know of are: #1: Repair the foundation, rehab the house, & sell it to a normal buyer for a good price, #2: Repair the foundation, rehab the house, and rent it out for a good price, and #3: Sell the house as is to an investor with alternate financing. 

The best tip I can give you is to have it be very clear who does what, and accept their choices and respect the boundaries.   

Jump on in Matt, the water is warm.If I can offer any advice while you start off, it is to take the time to build your "team".

Our plan is to purchase this house,  Reno it and move into it as quick as possible so that we can rent out or current house and refinance the reno'd house to pull cash out and invest in the next house.

Absolutely the first thing is to decide what type of property you want to buy as you want that to be a project you are truly interested in doing.

I have researched and studied until I am blue in the face, and then figured that an outside opinion might help make the difference; the overall intent is to create immediate cash flow .