Quote from @Devin James: Im currently learning this lesson with New Builds that have taken twice as long to complete than anticipated.....Finishing a Real Estate project ASAP is critical because...1) Holding Costs add up quickly- Loan Interest- Property Taxes- Insurance2) Investor Capital- Our financial projections are dependent on how fast we can turn our investors capital.

Additional software estimates renovation costs and provides actionable analytics.

You would need to bring everything up to code currently and that's going to be cost prohibitive.

Of course there is also market opportunity cost to consider.

I would consider staying with your parents and investing in another market that stretches your dollar and covers the cost of a professional property manager.

I wasn’t trying to be long winded, with too much detail, in my initial post but I actually did this method on a fix and flip.

I paid him the normal closing cost, a few $ grand in fees, and a slightly higher interest rate than I might could have gotten conventionally. 

% rate buy down, closing cost seller credit,  lower sales price ?  

Property taxes and insurance costs are best obtained through local county websites or reaching out to insurers directly for quotes specific to the area.Tools like BP Pro and Reventure can be helpful for an overview, but it’s a good idea to validate their data against primary sources to ensure accuracy.

Also, if you are a minority, WRA has the Partnership for Success program, which helps pay for your start up costs.