These are usually guys that have been through several downturns, and that's the level they've decided is appropriate.

., but even newer than 1978 has polybutylene (approx '78-early '90s); defective drywall (early 2000s), then there is always potential for flooding, mold, radon, etc.... so it really is just a matter of your own comfort level. 

My level of worry today is lower than it was last week, and here's why. 

@Ivan Figueiredo   I personally would think from a macro level that going into it planning to fix it and rent it out for a year would be the best option. 

Add A-players to these systems and you can operate multipleproperties with the same level of 5-star hospitality as you would with one home.

Myself and @Jay Hinrichs for the last several years have expressed skepticism that this strategy may make people to take on levels of risk in their portfolio that they do not understand and could not manage in a down economy.Im one of the biggest promoters of believing that mortgage debt is one of the greatest things about real estate, but at manageable levels of 75% LTV or less.   

Someone like a CBRE, Cushman & Wakefield, Marcus and Millichap are three national CRE brokerages, and quite frequently have entry level roles available in various teams. 

You buy a 4 family and rent all 4 units, are you cash flow positive and happy with the return levels you are expecting.  

Everyone has a newer car, newest iphone, new clothes, vacations all over.

My experience doing this for a living, City staff at the planning counter level are your low level 'get some experience' staff.