I don't want it to sound cheesy to potential tenants and/or potential future investors.

Abstract fees (abstract of title fees).Charges for installing utility services.Legal fees (including title search and preparationof the sales contract and deed).Recording fees.Surveys.Transfer taxes.Owner's title insurance.Any amounts the seller owes that you agree to pay, such as back taxes or interest,recording or mortgage fees,charges for improvements or repairs,and sales commissions.Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance.3) if there were other costs incurred to acquire the house such as if you spend money for tax advice, tickets to fly to look at the house( or milage)  and such also gets added to the basisGood luck

You have so many options available to you in the future I'd simply take a look at today. 

Hello,please, dont go flipping anything from hard money at this time. try door knocking, calling on craigslist, zillow etc to find wholesale dealssave up money then partner with an experienced flipper/rehabber on your first flip.until then, join local groups, meet 5 ppl a day in RE, build a network, provide value to them by supplying leads to them..via wholesale or even referral understand online marketing as well...thats the future, under how technology can be l leveraged in RE.so, you need to MARKET, NETWORK, & AUTOMATEfor now, start with marketing. kill it!!!

And most of it is older stock built 30+ years ago needing upgrades. 

Might as well give you the good and the bad :)I am very much a risk manager, I look at everything:  the area, the economy, the ROI, the competition, the future, the demographics, what's my downside, what's my upside, etc.  

As far as the limited supply, I think eventually cities will come back around to allowing MH or tiny home type communities because the demand is growing already and the shortage of affordable/starter housing will need to be addressed at some point in the near future.

For me, realizing I had no viable future in Corporate America.

The state Arizona is growing at a phenomenal case anything you get yourself into you can't lose it's still a buyers market and there is time in the future to sell it and you'll make a really big enough to retire.

If you are looking at securing more loans in the future, having a good debt to income ratio will help you secure a loan easier.