Make sure it is clean, safe, and has a fresh coat of paint. 

These floors are damaged as soon as the movers bring the furniture in the house because they are essentially press-board with a coating on the top.

I spent the first hour after I got the keys sitting on the staircase starring at the coat closet because I had no idea what to do first.

Not being the spring chickens we used to be, @Marylyn B., we're not looking for any more work, and several of the options you mentioned are jobs (flipping, buying notes, and argh -- multi's).

Was inspired during my research year to start looking into passive income by Jim Dahle’s book white coat investor. 

We are planning to buy multi-family units and are trying to find things as close to neutral or positive cash flow as possible (we are aware it can be difficult to find cash flow positive deals in CO at the moment with high property values and rents that don't equate)- So... our plan is buy properties that may need a little work, put in the work, bring rents up as much as possible, find quality tenants, and repeat.

We are planning to buy multi-family units and are trying to find things as close to neutral or positive cash flow as possible (we are aware it can be difficult to find cash flow positive deals in CO at the moment with high property values and rents that don't equate)- So... our plan is buy properties that may need a little work, put in the work, bring rents up as much as possible, find quality tenants, and repeat.

I almost had to swing my briefcase at his head (I am wearing a coat and tie)!

Tell you what, if you let me get in on the action here (wipes chicken grease on white tank top)...".

Your coat of paint made them look new.