Flip or rent for first project

[Greg Van Brunt]

I've been looking at a SFR for a couple weeks. It need s a on of work, floor leveling, roof replacement (rafters and all) a new bathroom to be rentable. (Although I've heard it could be rent with as little as having roof replaced). I'm getting an idea of how much is needed to make this thing cash flow. My question is, it' my first venture. Should I even tackle a job this big? If I do, do i do as little as possible to get it rented or do all that needed to flip it? Renting will yield a smaller cash flow but flipping might produce a larger profit, quicker. Should I tackle this project as a first timer starting out?

[Edward B.]

Depending on your financial situation I would roll the dice. You may not have the expertise to pull off a project like this now, but you definitely will when you are done. The experience is invaluable and the single most important thing in my opinion is to just get started. The second is to not lose money, though...so, don't do that :)