Basically, instead of testing every outlet and door handle, he is inspecting the larger and more concerning items, i.e. electrical, plumbing, HVAC, roof, drainage, attic space, foundation, crawl space/basement, etc.PM me if you want his info.

You're busy, "cheap" midwest houses are not what you want, invest in quality product (A/B neighborhoods), this will reduce your risk.

Professional electricians, plumbers, HVAC,... are trained to handle repairs and brand new installations, and can be held accountable if they do sub-par work.It's a mental trick. 

If you can handle the debt to income ratio, get the hard money lender to lend for both the purchase and repairs of both properties.

I rent to employees and such but I have a property manager, they handle things like a neutral 3rd party.

My firm handles hundreds of tax lien foreclosures in Ohio.  

An investor who's buying properties with cash (and therefore doesn't have a mortgage payment) or is self-managing (and doesn't have the cost of a property manager) can and should expect more cash flow per door than someone like myself, who is leveraging my properties and hiring management to handle the day-to-day operation and tenant interaction.I would also guess that most investors have a CoC Return criteria, because it's smart business to understand what kind of return you're getting on the hard-earned money you're investing.

You will pay for that with reduced cash flow however; long term though there is a lot of growth opportunities.

On the other hand if you bought 2 it is less likely they would both be duds thereby reducing your overall risk.

What tactics have you used to reduce water consumption by the tenants.