Couldn't agree more Jon.What do you all think of my re-decoration plans for my office?

However, it's a big undertaking.

The original electrical would have been installed to run a few incandescent bulbs, a radio or two and perhaps an early appliance and was not designed to handle today's electronic demands.Another thing to keep in-mind, depending on when the property was converted to apartments, is that the conversion may not - quite likely will not - meet current fire codes, which will both impact your insurance rates and your renovation costs when you do undertake a substantial rehab.That gorgeous exterior, with it's clapboard/shakes (or era brickwork) and elaborate trim will be high maintenance - that does not mean it's not "worth it", just that you need to budget accordingly.Personally, I enjoy performing deep energy retrofits on these old buildings (which can be very solidly built), but it can be an involved and costly experience, hence we are always looking for the unloved and run-down which can be purchased cheaply.If that house has been 200+ days on market - and no other landlord or investor has touched it - tells me there is a problem with the value proposition of the deal.  

So, make it part of your networking to identify potential money partners.Some folks will say that an entrepreneur is someone who undertakes a business transaction without necessarily knowing how he/she will put it together.

We are "fix and hold" investors who undertake deep energy efficiency renovations on our properties.I like to be present at the appraisal to inform the appraiser about all the "behind the scenes" improvements we have made to the property.

That’s a big undertaking to start off with IF you can even find someone to lend to you on something like that with no experience and IF you have the down payment for it. 2.)

Properties that qualify as energy efficient could receive a tax credit of $2,000 per dwelling or unit.Disposition of Assets: When you undertake demolition or renovate a building to tear out lighting, HVAC units, and other components, they are abandoned or retired from the building.

@Stan SugarmanThat sounds similar to the practice of 'Cross Collateralization'; but even then, this is not an action the lender would undertake just because it felt like it.

Inquirers must seek the advice of their own legal counsel prior to undertaking any course of action related to this inquiry.

A little background:  I am undertaking a flip of my late mother's estate property as personal representative of her estate.