Have a Backup Plan: Annual Rental Numbers Matter•Always know the annual rental numbers in case you need to pivot to a long-term rental model.

I keep thinking that deals like this are out of my world of possibilities because, 1 I do not know if it is a good deal, 2 how could I make it happen if it is a good deal?

Let me know!

You also need to know if you will need to underpin the foundation as that can add up.

In fact, some of the best opportunities in real estate come from properties that others overlook—distressed homes with potential that just need the right investor to bring them back to life.If you’ve been in the game long enough, you know that distressed properties can offer huge upside, but they also come with their own set of challenges.

What are things you think a new investor should know when starting out in the area?

The reason I ask is that knowing the fast movers of the area may help you choose your project.Lastly, what kind of renovation budget have you established, and is it an upfront budget, or will you be contributing to it over the time that you live in the property and renovate it? 

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

Quote from @Blake Hanson: Quote from @Erik Acheff: I know this is an old post, but I can not find an answer online.

My partner know how to do it and said he could buy the stuff on the internet for $200 and we could permit it and he'd wire it.