If you are living there a long time, here are some common things people over look: 1. window/door package2. waterproofing details3. building materials4. air sealing/ indoor air quality, energy performance requirements5. sound reduction6. site challenges / site advantagesThe average person chooses more square feet, and more expensive finishes over performance and durability. 

I think its easy to focus on 'green pastures" and the potential Gross Income but at the end of the day debt service is a hard number.  

I am from Nashville TN, and my friend is from Green Bay WI.

But it is nice to see folks taking on these old properties and making pretty apartments ... now if they could convince folks to make them more energy efficient in the process. 

I suppose there are many possibilities but right now I still haven't done anything except waiting for the next collapse...One thing is that we don't have "green-cards" yet, so we cannot buy co-ops.

This home brings lots of character and tons of upgrades including: New HVAC, roof, energy efficient windows, flooring, bathrooms (with tasteful vanities and Italian plank tile), upgraded plumbing & electrical...etc.

I am no pro, but this is what I understand from reading David Greene's book on the process.

Non-QM lenders are asset based while Conventional lenders are credit based.Non-QM lenders focused solely on the following criteria when green lighting your deal:1-The ability of the property to cash-flow in terms of covering its underlining debt; or its ability ti appraise with ARV that covers the debt if you are flipping.2-The credit of the borrower (660 or higher, preferably above 700)3- Your liquidity (do you have 3-6 months of liquid assets) after you close on the property.That's it!!

There are times when I have looked at something and thought "I COULD do it this way, but is that how I want to spend my time & energy?"

I would also suggest David Greene’s book on long distance investing.