Also, @Matthew Irish-Jones, not sure how relevant it is, but "B" area properties in our area go for around 250k to 350k in "decent, re-sellable" condition.

I joined this community 4 years ago after listening to the BP RE podcast, linked up with a brokerage sourced from this forum, bought 3 buildings, and now I'm back as an agent with that same brokerage -- Candor Realty powered by Four Points Realty. 

As a Cleveland Property manager, I can say, it's the toughest role in the RE industry.

A great way to start is by attending RE events and joining a local investors association.

Not going to re-explain it here but to answer the question - yes

I just did a rental that had to be basically redone top to bottom, and we had to do everything from remove a sub panel that we did not think we had to do to re-pipe a lot of the house due to the old piping and moving the kitchen around. 

Network with wholesalers who can bring you “deals”- Many wholesalers are also newbies who have no clue what a real deal is and are just time-wasters.NOTE: We often see wholesalers re-marketing MLS properties at HIGHER amounts!

Take a listen to my episode on the RE Rookie if you'd like to learn more about cost segregation. 

Re-stock supplies? 

I know with myself as I am 100% RE income I can offset my income in my building business in my lending business etc I dont really have much passive income to speak of compared to income from sale of inventory.