We live in Grand Junction, Colorado and housing prices are very high, so buying a profitable rental here at the moment is going extremely difficult. 

There definitely needs to be some cosmetic work but nothing structural as far as I can tell at the moment.

What are some of the biggest mistakes, or “oh ****” moments you all have had buying a ‘value add’ property?

We're in no rush to buy at the moment & are adverse to move to a new market (we have teams well established in our current markets and don't want to spread ourselves thin). 

We know that moment is still a ways away, so we want to take it step-by-step and be as cautious as we can.Now a quick introduction.

That being said, i am trying my best to read between the lines and apply what i can here.....apply might be a strong word at the moment for all i have done is really educate myself as much as i can daily, no real actionable steps have been taken on my part to be a more confident real estate investor.I currently have next to no money saved, but saving as much as i can 15% of my small wage at work, and it slowly builds, i have rocked at bringing my credit score up from a hurting 595 to a 742 within 6 months and now working on getting credit available to me. 

At the moment I am thinking Leeds.

@Jaysen Medhurst & @Kadeem Wells I’m not going to do anything with this one at moment , it was overpriced &  I  analyze  With the numbers that was giving to show how bad of a deal it would be ,  the biggest problem is it’s under rent , & overpriced, we put the management fee low because it was self managed by one of the partners ,the rents have not been raised for 9 years 👀😬 , same tenants are living there also 

No need to wait until the very last moment, where a careless error could cause you to lose your escrow.You will need time to process the inspection report and make a counter offer. 

I am relying on MLS at the moment.