He also offers investor inspections which don't come with the detailed report on every little thing wrong just the big items structural, mechanicals and roof.

That is where BP comes in, and I am excited that there is an even greater opportunity to achieve a steep learning curve within this great community.Currently, my partner and I are working on numerous action items.

It will be hard at that monthly all in to get renters to cover that expense and for you to not have a financial burden.You're on the right track and keep looking into options, I just don't think this particular house is your solution (unless you get it for a steep discount.

I found 2 that showed major signs of roof damage.

This is our first time doing an FHA 203K we are not doing any updates to the kitchen nor the bathroom just making sure the house is functioning running new electrical wire, repairing plumbing, back stairs, doors, few windows, painting, roofs, garage doors, finishing wood floors, and cleaning.  

I'll need a roof too.

That's steep for a beginner and part-timer.  

The larger unit is recently renovated but will require some work to be contracted out (largest thing being dormer out the attic bathroom to make it a true 2nd bath, all the plumbing / tub / toilet is already in place but the ceiling is so low due to the angle of the roof that is it silly) and some HVAC work needs to be done (adding central air and replace one of the furnaces) - we are guesstimating $50k up front for all the contracted work which we plan to finance.We are doing 20% conventional 30 year mortgage, purchase price $315,000, monthly payments will be $1750 a month.  

Apparently refi's and owner-occ business is going through the roof so everyone - especially the appraisers are having trouble keeping up.  

I did a few searches and Google and found Bigger Pockets, and I'm a big fan already.I really like the hands-on idea of real estate investing, and after reading some books and listening to a bunch of Bigger Pockets podcasts I think I'd like to tackle the 'buy and hold' strategy and become a landlord.I'm really excited about this, although I'm a bit nervous--especially since the housing market here on the central coast is a bit steep, so I'm not sure how exactly I'm going to make this work and if I'm going to invest locally.I'm looking forward to learning more, connecting with people, and beginning to build my real estate investments.