What comes to mind for me is roof, paint, yard card. 

Also, homes that are just a total disasters (combinations of a bad roof, bad HVAC, bad siding, extreme mold, etc.).  

House needs a roof and some updating. 

((Best)) way I can think of is have some money to invest and partner with a more experienced developer who is doing what you want to do.Come in as a Jr. type partner in the deal, and work full time at it--learning.By Jr. type partner I mean you are not calling the shots, but are in on all meetings and all aspects of the project.After a few deals maybe you want to go it on your own, or maybe just keep on partnering....A good partnership is a definite strength--but it depends on the person.I would say that is the (BEST) way to learn a particular development type.If you lack meaningful money try befriending a few developers and just talk shop as well as friendship things, and see what turns up.But to be a developer you will need to have a good sized chunk of change to risk (possibly losing) to do a deal.Good Luck!

For me if it's anything more than cosmetic such as fixtures, paint, patching, or roof then I'm out.

There’s a lot of aspects you should keep in mind before you get into this space.  

Looking for a reliable and honest roofer who services Hudson County, I have a flat roof in need  of repair and would appreciate getting referrals for a good roofer that you have used.

Even if you put $50,000 down with 4.2% interest your mortgage, insurance, property taxes, trash removal, water, owner's electric meter, maintenance, etc. will exceed $4,000 per month and there won't be any booty to pay your partners for 20 to years until after you increase rents.The property could make decent money for someone who can put $150k to $200k down and for someone who has a lot of cash in the bank for rehabbing units when tenants move, for a new roof, plumbing, repairs, etc.

If the roof, HVAC, water heaters, and appliances are all relatively new, 3%-5% isn't a bad ballpark to be in.

Any advise on other aspects I should look at before making a decision?