I have narrowed down to 2 potential houses but they've got some work to do:  roof, kitchen, bathroom, electrical.Ideally i'm looking for a general contractor who can view the properties with me and provide an estimate for the repairs needed.  

Depending on the purchase price and repair needs, we will primarily be looking at it for Buy&Hold.

However, if you end up determining that the stove is not working as a result of some sort of negligence or damage caused by the tenant, then you could try and bill them for the repair cost.

We look for new rehabbed properties, and while we probably pay more buying them off the MLS in move in condition - we do not have the time to complete a rehab or have to deal with constant repairs.

I'm trying to avoid that route for now, and 25k limits me to having to purchase a mobile home near 10k, while I use the other 15k for repairs.

To play it safe if possible you would have to buy at historical lows and hope to sell during an upswing:) the south side shuffle:) if you can buy at $15k w minimal $10k repair and rent each side at $1k those are preposterous returns but it sounds like it will all come back into eviction and turn.

I like the spread of rent vs mortgage, look at taxes and insurance and possible repairs.

In other words they will give 65% of the 85% of purchase (and value all the equity I built by remodel/repairs, etc. also at ZERO).

There are a ton of cheap $40,000 - $50,000 homes but they are trash and would end up costing a ton of money in repairs and be constant headaches.How would you suggest I arrange the financing to get the most bang for my buck?

Next fear - major repairs.