Buy a solid home and remember it is a rental (ie it may not be your style, but it is a good home in good condition or will be once renos are done). 

It also gave me a historical record with photo for that property and it's condition just prior to tax sale.

The overall condition of the property is relatively nice.

Look at zoning either online or at the City or County courthouselook up both the Zoning Map and get a copy, if one exists of a Zoningtemplate, which explains what each zone permits and may allow under aSpecial use or Condition permit.B.

General maintenance, budget depending on the age and condition of things.

, are vacants in rentable condition?

@Daniel VernonAt only $155k in Ouray, and has been on the market for a bit, I would definitely want to know a little more about the condition of the house.

I want it to be in decent condition when I purchase.

It looks to be in amazing condition with little need for renovation.

.$8K cash flow returns per year + $50K in profit at the sale means you would have turned $100k into $200K in about 5 years.Now, of course this all comes with the caveat that these are estimated returns that can vary based on market conditions, location, the deal structure, and many more variables.