I'd say as long as you have $10k after closing for a property that isn't COMPLETELY disheveled with it's most expensive items (roof, HVAC, plumbing, electric, etc..) you can conservatively move forward...Most items can be "bandaided" as you go using this reserve & by following the same principles you followed to get to that $10k + your additional savings and wealth building by buying, you should be able to then take on all the "permanent" fixes within a year or so...

Hopefully you have a file drawer for just such a tenant in your permanent records.

Originally posted by @Nicholas Brady:One of the benefits is that in New York, where my parents live and where my permanent address still is, I am eligible for free tuition. 

Of course some permanent damage is done to the economy.

That's including hml and permanent financing.  

@Andy Gross since you have family here and return with regularity, start dedicating parts of your visits to driving around and then when you are back permanently you'll have narrowed your focus and can explore those areas in detail.  

I work with trustworthy who are accountable for their work and will use the help of a placement professional if necessary to be sure I get the right tenant.For some reason making the property a safe, comfortable (and hopefully permanent) home for that person or family feels like a better way to direct my energy. 

I built two ski houses in the mountains and got them for free by building smart and refinancing all of my money + I pulled out a little extra when I transitioned from my construction loan to my permanent loan).While I live in Colorado, I personally own investments in Colorado, Montana, and Michigan.

Montelongo has refunded my $1,500 dollars course cost in full after my first deal was closed before the 90 days as they have promissed.The best that I also have permanent and unlimited access to his web with multiple RE documents.

Or sometimes the vault door could be permanently rendered unsuable and placed in the open position behind plexiglass and maybe be used as a design accent.