The　problem　of　used　product　(core)　acquisition　is　an　important　issue　in　remanufacturing.　In　traditional　models,　remanufacturing　systems　are　assumed　to　be　well-established.　However,　remanufacturing　systems　in　most　developing　countries　are　imperfect　and　remanufacturers　need　to　make　huge　initial　investments　to　improve　the　remanufacturing　systems.　It　is　therefore　suggested　that　the　effects　of　initial　investment　cannot　be　neglected.　In　this　paper,　an　acquisition　and　pricing　problem　in　imperfect　remanufacturing　systems　is　studied.　The　problem　is　firstly　formulated　as　a　two-period　nonlinear　programming　model,　and　the　closed　forms　of　the　optimal　solution　are　presented　based　on　Karush-Kuhn-Tucker　conditions.　Next,　the　multi-period　acquisition　and　pricing　problem,　and　the　effects　of　the　initial　investment　are　discussed.　Finally,　the　conclusions　are　testified　by　numerical　examples.　The　results　show　that　with　the　remanufacturing　system　improved,　the　remanufacturer　will　increase　investment　and　acquire　more　cores.