Insurance and qualifying for a loan can be tricky as well.Picking up a project mid-stream can be a great way to gain equity quickly if the price is right and the buyer is an experienced builder who knows what they're looking at, but definitely not a place for beginners. 

Quick update, after much thought and strategizing, I've decided to move forward with selling the subject property of this post and invest my profits into a small/mid sized RV Park.  

The last time that I visited the area was a few years back but I am planning a trip for mid-December to do more market research. 

I also own a few online stores that make me roughly 20k a year.My credit score is in the mid 700s which i believe is good enough for an FHA financing.

You know I like the idea of a mid range rental that is good quality.

I currently make about 75k a year, however, I anticipate making closer to 140k a year by mid to end of next year (new graduates start low with little experience).

@Coy StruckhoffCoy, I focus solely on the brokerage of self storage in the Northeast and Mid Atlantic.

In fact, most properties here will have negative initial cashflow unless you do a major value add but you will still have great returns over the mid to long term.  

Do all that with some attentive management and you can do mid-100s easy between the four of them, more is definitely possible.  

Purchase price: $165,000 Cash invested: $100,000 Sale price: $375,000 Purchased this hoarder house back in mid-August of 2016 and spent around 100K to get it up to market value.