Newby Questions on Buying a fixer Upper then Renting

[Mike Collins]

Hi all, I'm such a newby that I even hesitated to post on this forum. That being said, I'm in the initial research phase of what of investing in rental properties.

My generic plan (which is sure to change) is to buy a low priced fixer upper in Baltimore (under 15k), renovate/fix up and live there for a year (or longer), mortgage/rent free, to accumulate funding for another, better rental/investment property that I can renovate and earn income from. Rinse and repeat until I have 10 or more properties, not necessarily in Baltimore. I know this is extremely new and original - right? I know there are pitfalls, unexpected costs etc, but I'm wanting to get an estimate on what renovation/repairs for a fixer upper - even though I haven't actually decided on a property yet. I've seen the estimate or profit tool on the site which is very cool, but it can only account for MY estimate of repair costs, not an actual professional. I'm also hoping to get thoughts and experiences and recommendations from others (good or bad) that may have taken a similar path, hopefully starting in the same area.

Again - I'm new and still combing through the forums, so even the basics are appreciated as well as the details.

Thanks in advance!