A distressed property will need a "value add" to increase the value, a distressed seller can sell allowing you to profit without touching the property, but this has limitations as well as to giving a fair price and not screwing a seller.

Check the condition of the roof, siding, windows, pavement, lawn, deck, porch, driveway, garage door.....walls, floors, light fixtures, switches, outlets, furnace, AC, pipes, stairs...

Why would anyone pay 20% of a deals value just to get the green light for a project?  

So if your higher salary from living in a high cost area offsets the higher housing price, then the necessities of life are only incrementally more expensive...this allows you to have more money to save and invest, or pay down college debt quicker etc.

A QCD is a light-weight way to change ownership without doing a full title investigation.  

I have my license and it allows me to collect commissions on deals I may not want as an investors, and it sometimes adds commissions to deals I am looking at as an investor.

Hi Jonathan,At a quick glance the expenses look a bit light (currently shows about 38%, where a quick rule of thumb is 50%).

Condos that allow rentals are well managed it is like having an included property manager for maintenance just handle leasing and rent collection. 

Building a good Team to help you will help you get things done and allow you to spend more time on income productive things.  

Remind them that not all states require a landlord to make a reasonable attempt to find a new tenant when the current one wishes to break a lease (and unless the statutes have changed recently in your state Pennsylvania appears to be one state that does NOT require a landlord to do this);  however, if the TENANTS wish to put forth the effort to find a replacement tenant for themselves (passing your screening requirements of course) you will consider allowing them out of their lease.2.