This is the beginning of a train wreck in MOST cases.

The house was a wreck, needs engineered septic and well, and a ton of updates. 5 acres 3 maybe 4 BR, two big barns and would probably sell for 170k if redone well.

Getting a NED wrecks your credit so it makes doing a Refi tough.

Long term success will be to have an extensive buy-and-hold portfolio.I know for sure my boyfriend wants to live in a decent area with a home of our own in the next year, as we just cannot deal with slum lords knowing we could be paying $500 less each month for better quality control in owning our own property in this area.Yet, considering I would like to pay for my own medical bills and pay off my student debt which is wrecking my credit right now, I prefer to start making some kind of money asap.

I'm not going into Real Estate to pay off my student loans, I just mentioned it as it is currently wrecking my credit and maybe an obstacle once I start getting substantial money as my bank balance.

@Shannon Vanderweide, considering that I just closed one where one of the bathrooms was a complete wreck, so we removed the toilet, removed the shower head, removed the shower door, put a sanitary cover thingie over the toilet waste hole, thew a bunch of boxes in there, and called it a "storage room," and considering that his was FHA which has slightly higher standards than Fannie / Freddie, I'm going to go with "No, both bathrooms do not need to be functional.

The more I hear of the 'science' explained to newbies about it, the more of a train-wreck I think it is.

It was reasonably priced (like 30% over hourly wage) and no headache, highly recommended but I bet everyone will say to use a contractor, just think if they are in a wreck on the way to show a property for you, will a court rule them a contractor, read the IRS guidelines.

Leverage is a double-edged sword; it can greatly multiply your returns, but it can also really wreck you.

Don't do the wrecking ball style that you see on TV.