Newer roof, mechanicals, stucco w new paint and beautiful woodwork inside. 

I would be concerned that you would be too exposed by having two new properties without a great handle on repair status/major mechanical systems (especially with upstate winters nearby) etc.

I think that would make things clear for people to understand and clearly see the difference between compound and simple interest.I'm interested in more details related to the mechanics of making this happen.  

I've been binge listening to the BP podcast for the last month and have started to learn the lingo and begun framing my strategy going forward.Strengths:Honest and reliable.Solid full-time job and some investment cash on hand :)Relatively handy and mechanically minded.

This house didn't need major reconstruction, mostly mechanical and cosmetic updates.

I'd prefer large complexes but I have a young family and a golf habit that sucks up a lot of free cash that could be saved for a purchase like that.So, I found a 1950s ranch on slab in Colerain Twp (the Northbrook Area for those familiar) that I was able to purchase for $23,500 at auction and was pleased to find a new roof, newer kitchen, new mechanicals, newer bathroom, etc. when I inspected the house.  

My situation:I use my car for sales about 15k miles /for business and 5-10k for personalI write my business miles off of my taxes which is a nice break on the W-2My company gives me $400 /mo tax-free for use of my carI would like to be able to write my car off on my RE business (not set up yet though, thinking to start 2017 this way)Also, personally I don't see how putting a down-payment on a lease would ever be worth it, that's just like burning money to me so this is assuming I'd put $0 down and everything mechanical would be covered with the lease...

Deals are found through whatever marketing mechanisms you chose to use, understanding the ARV and the MAO concept for whatever exit strategy you may have in mind.  

There could be other liens, like back taxes, unpaid municipal services, mechanics liens, HOA liens, etc.

Right now you have absolutely no control over the deal and how the mechanics play out.