Now, after all these years, I see that just knocking it down and running like heck then going back and tossing a cup of gas on it then cleaning it up is all wrong. :)

Pretty much the only thing we haven't done is tear down and rebuild or build from scratch.The minimum we tend to do is a complete interior cosmetic renovation, which includes all new paint, flooring, cabinets/vanities, countertops, appliances, lighting fixtures, plumbing fixtures, registers/switches/outlets, etc.

Add in another $15,000 for all new interior finishes (lighting fixtures, plumbing fixtures, cabinets, countertops, etc).You now have a completely gutted, remediated and renovated interior for $40,000.

Jscott/Mark,I understand why an appraiser or underwriter might be concerned if I bought the property for $125k and turned around and tried to sell it for $170k without doing any work.With that said, just because I buy a house for less than it's worth doesn't mean it's worth what I bought it for...It's worth what someone else is willing to pay for it, which is $170k+ according to comparables...From what it sounds like though, it might be worth doing some light rehab to the house, in order to justify an increase in price, which might be just paint, fixtures and carpet...

- People like the relative security and stability of a paycheck- it takes some money to get started, not everybody has it- You will technically be a business owner, that's for sure not everybody's cup of tea- scared, like Rob said; not knowing enough or not interested in investing the time to learn enough- If people have money to invest, they like to diversify and not put all the eggs into one basket/house.

A missing light fixture or a torn-up carpet can sink a va loan - so if there are issues, make sure you or the seller are willing & able to fix those issues before closing.

Plus, you'd be surprised how often opportunities arise to represent someone and make some quick cash;- You'll get access to the forms you need;- You'll get access the MLS and some potential deal flow;- You'll have the ability to list short sales (if that's your cup of tea);- You'll be able to network with lots of others in the industry;- You'll learn all the basics of real estate that you're currently confused about.

Same colors, same cabinets, same fixtures.

Can't even buy myself a cup of coffee with the degree.

(Today's tenants need LOTS of grounded outlets, and many expect air conditioning or at least nice ceiling fans) Update your cabinets (or faces) and fixtures, the tub and surround (at a minimum reglaze), some paint and floorcovering, and now YOU can expect 20+ years of pretty trouble free service.