I'm new to MLS and will need help on good areas for this type of investment, what to look for on the properties found and also how to know the deals are good deals.Any advice from anyone who is experienced in this area will highly be appreciated.Thanks.Theresa

basic sub too.. deal as long as your personally well capitalized. this scenario probably works.its the undercapitalized buyer and the sterling credit seller that creates a huge risk for a seller and I don't recommend any seller to participate in that type of deal.but since the sellers credit is already bad there is real equity in the deal that will keep you in the deal and you sound like you have the wherewhithal to pull it off..

I avoid them type of properties now of days.

@Sharath Kumar the pop corn ceilings could be a major problem along with any texture on the walls if they are asbestos or lead containing. there is no way to do it your self in Colorado both the removal of asbestos and lead are highly regulated by the Colorado dept of public health's air pollution division, it would be really dangerous to attempt to do this type of friable removal in an apt building because of the shared air systems used in the 1970's you could  contaminate the entire building with asbestos fibers or lead dust.

Depending on the type of rental, this can usually be accomplished as a DYI.

I've always thought capital gains as they pertain to real estate are more of a "one time" type of income obtained from selling property.  

And if you know your area you can focus on certain neighborhoods, which is something you can't as easily do if you buy, for example, an absentee list.There are tons of other ways to get leads though, it's just up to you whether you want to put in the time, do the work, pay the money...Type "finding leads" into the search bar here on BP and find literally thousands of posts and blogs on the topic.

REI is great, but hopefully there's someone left to care for our ailing bodies:)

All tips or pointers you have would be very helpful for navigating the area and property type I am looking at.

I don't see someone buying this type of property when there is not much money to be made even after you put in and fix it up it would be worth about 75,000 and the note needs to be paid which only leave 7,000 profit which doesn't include closing costs and of course anything I could scrape off.