@Justin Bock I do lending but would never touch a deal with a deal with a first timer doing that large of a project.

@Justin Young That is great.

All I can say is make sure you have plenty of cash reserves just in case your tenants do not pay or there is a catastrophic repair that will be needed.

Justin Messex Welcome to BP!

Thank you for the the info Justin!

@Justine ScheuherI would recommend that since you have little knowledge of what renovations cost, I would first network to see if you can find another RE investor willing to partner with you that knows the costs. 

I ran through the house with an inspector and a contractor to get an idea what we were in for and figured overall we needed to put about $50k into a rehab (this includes contingency $ just in case).

(And just in case you were wondering, I'm not promoting myself in the least with this post, as I personally don't engage in general brokerage outside of immediate family/friends.

Justin Owens If we are talking about a house in a small town like Bowie, AZ I agree there are houses there that get minimal appreciation.

(as opposed to just in each state)My line of thinking would be that liability from each property would be limited to that property alone.