First Time Investor!

[Darshan Patel]

Good morning everyone! Me and a buddy of mine are looking at a 4BED 4BATH house to buy for 40K cash (foreclosure) and we are looking at both flipping and rental. The house needs work all around, exterior, interior, full gutting almost. Any tips that I would need to know before buying this. How much per square ft I️ should be looking to spend, laws (Albany, NY) or just some general knowledge really. We would do the painting, tiling, cabinets, trim, granite, and hardware installing ourselves to save money. So any information would be great!