Should I rehab based on what I can afford?

[Jacqueline Mann]

Is this a good real estate rehab strategy? 

I am looking for my first rehab. I rehabbed my parents house, but that wasn't to prepare it for resale. It just taught me a lot about rehabbing. My ultimate goal is to rehab and resale to an end buyer, so I'd prefer to do a job that is somewhere between well-done and top-notch. 

However, I am finding properties in my area that require a lot of work - like 40-80K. I can't find any that require just paint and carpet and maybe a roof. The problem is that I don't always have money for all these repairs and the level of rehab required seems like a lot for a newbie. 

So instead, I'm thinking about buying properties and paying for a level of rehab I can afford rather than everything the house needs. For example, I could  do some of the heavy work and make it a light rehab project for the next investor who just wants to add paint and carpet and prepare it to be a rental. Or, I could buy a house that may need serious work and just take it up a notch but not all the way. For example, I can remediate the mold and replace some drywall, then resale for someone else to finish the windows, kitchen, baths, etc. 

Will it work to base my rehab on what I can afford and not what it takes to make the house whole again?