But I think am on the right path...

Thanks for the reference Account ClosedJoe, I'd be happy to help get you on the right path.  

Pull the comps for 3/1s (and/or 3/2s) in the same exact area to see what kind of uplift you can get from the renovations, and then estimate the cost of the additions and see if it is a net positive.Clearly a 3/2 would be much more attractive than a 2/1, but it should be quite straight-forward to do a cost-benefit analysis.

Check your state laws; here in PA the owner can redeem the property up to one hour before the auction takes place.Good luck!

For instance one of my markets in SC  the city is in the process of changing the zoning in the old industrial area to multi use commercial resi  with all sorts of development bonus for Leed  open space,, electric cars  bike paths etc.. transform and entire area.. what has been a waste land last 20 years will now become a new utopia  and the developers smart enough and expeirnced enough  to partake will do very well I predictAnd we cannot underestimated the value of networking and gaining a power position in one's field ... once a person or company gets to a certain level ( that they busted their butt to get to ) its amazing how the deals find you...

I see investing in real estate as the quickest path to early retirement, with my definition of early retirement being that I do not require a W2 job in order to pay for a comfortable lifestyle.

This is one of the ways open to become a cash buyer, as long as that exit strategy (ours is the refi) is in place before you start down this path.

Despite having been told that all the vacancies are in "rent ready" condition, upon inspection I found that the amount of capital that will be required to actually get them rent ready will average around $1500/unit (x46 vacant units = ~$69k in required capital expense for initial lease-up).Because the low rate of seasoned occupancy will limit our financing options (particularly with banks and traditional lenders) we're considering the lease-option path; gain control of the property, lease it up, add value, get a loan, and exercise our option. 

Don't get me wrong, I highly regard education (BS/MSEE & MBA) but looking back the MBA was very interesting to me and I enjoyed it thoroughly but it never really contributed to my income or fit in with my career path in high tech.

I'm in the Charlotte, North Carolina area, and new build may not necessarily be an option given our time frame...Any advice or success stories from others that have gone down this path?