My wife inherited a townhouse in Belgium and it is a hot seller's market there right now.

I had a discussion with my CPA when I had a number of hot water tanks going bust, and I depreciate them all, at the time costing me $600 including installation.

As far as replacing the HVAC and hot water heater, well that is part of the landlord game. 

Originally posted by @Rod Hanks:@Cody If you have a signed contract and the ability to close you can a memorandum of contract to cloud the title and sue for performance.

You need an attraction like hot springs or something better than near the 'burbs. 

Scenario: project I did for an investor2 full bath: $4,000/bath (includes fixtures)10x10 kitchen L shape: $12,000 (appliance separate)Drywall: $80/sheet (includes finish paint)Hardwood floors: $2.00/sf (floors separate)8 hollow core doors: $120/door2 exterior doors: $250/doorNew hot water tank: $1,500 (includes 30LF of base board heater)This Was a 3 floor property that was damaged by hurricane Sandy.

In general the accepted answer is you need space for efficiency between hot and cold appliances.

My original intent was to buy, rehab and flip some properties to build up some additional cash before buying rentals but this house came up as a FSBO 3 blocks away in a hot area so I couldn't turn it down.What is the best way to accomplish this?

Make sure the hose is long enough.Work on a hot day, pressure wash first thing in the morning and wait.Mask it off and drop cloth, starting at a place on the house where you can afford to mess up. 

Rod,I have invested in 12 notes on RealtyShares plate form and have had not had any issues.