I only ask because that is, in my opinion, the most challenging part.  

Of course, these properties are full of challenges so be prepared before you start. 

There's a decent chance that if you have good credit and improve your DTI over the next year, you can put a Heloc on the property while it's still your primary to unlock some of that equity if needed.

Challenges?

Being that the new property that we buy will become our primary residence and we are buying a fixer upper, how do we get the best tax breaks for the repairs and/or improvements?

. $10k in debt does not seem like it is worth filing bankruptcy as you also will have the filing fees to file bk and if you use an attorney it could be another $5k, To me if you can save $10,000 a year then start saving and pay off that debt, as filing bk will hurt your credit wehere paying off these debts will improve your credit.

Next, arrange a site walkthrough to pinpoint any additional needs or potential challenges.

Landscaping upgrades, exterior painting, new siding, a new roof, and upgraded front doors and windows can dramatically increase ARV by improving the home's exterior appearance.5.

.- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

While it's positive after expenses and has potential for improvement in year two, it’s been a bigger hassle than anticipated and taking attention from other priorities and areas of our life with not enough return.