It is also hard to say without knowing all the information.It also depends on the quality of the repairs you are making.Are you or your contractors doing band-aid repairs or fixing it to a point there it should last you 10-15 years before you have to factor it in.With that said, 1950's is a old home, but there are homes older than that make a great investment and homes newer than that, that can make a bad investment.Age of the house isin't everything.

The two most common in this real estate space are the 506(b) and 506(c).

We would definitely get a realtor involved when we narrow down what we’re looking for/saved appropriately for that! 

I can get the same rent whether I do a full rehab and spend $20k, or just band aid my units (paint, fix anything broken, etc) for $500-2,000.

I'd expect the range to narrow quite a bit once you have a specific plan.  

You should probably work with a real estate attorney to draft some kind of joint venture contract to protect your respective interests and keep things on the straight and narrow. 

This was the band-aid step, just rip it off and get started.

The peak of the relocation is a band running through the north, northwest and west suburbs, about 30 miles out from the center of the city. 

I was wondering if people wouldn't mind sharing old note tapes that I could use for (A) practicing some due diligence, and (B) determining which states have a steady supply of notes (I am hoping to incorporate this information into my existing State Analysis to help narrow down to my list of 3-5 states to pay close attention to--no point in having a state on my list with no supply!). 

I moved to the Cleveland area about a yr ago, so trying to narrow down a target area that would be good to start out in.