The challenge for us is finding the gems where I can push the value on the house...like by adding an addition or taking unheated space and converting it to heated living space, or adding another bedroom/bath. 

I have a rough idea about how I want to start and how much money I want to have saved, but I was hoping to hear from some others about their first purchase, how much they saved before-hand, any hidden obstacles, etc..Thanks all!

@steve Morris I've gone to a law firm about one of these properties to inquire as to whether or not I would be responsible for paying any liens or hidden costs and was told no.

There is no set ratio for how much your closing costs will be.I work on loans, and I have seen the numbers jump due to late payments, hidden fees, taxes due and potential liens against the property.

All the what-ifs, and hidden costs that might break me.I'm narrowing in on a live-in/ house-hack in a duplex with an existing two car garage, with the intention to immediately convert that into an ADU for myself, until I soon thereafter refi. and start the process over.Maybe on the next one I can have the confidence to go with hard/ private money cash buy/ rehab. 

Our business plan is to focus on on our current markets of course, but since we have the system and love to travel to different parts of the country throughout the year, I'm interested in what locations or hidden gem areas I could be looking into. 

I find in my own deals that the hidden costs, especially those associated with time always come back to kick me in the face.

real gem kid!

But I would never invest in the market because of the 1% rule potentially missing some great deals that might hit 5-10% appreciation per year for the next few years.In Cincinnati, 1% rule isn't on the market but you can spot hidden value and negotiate your way into and above the 1% rule.

What I won was the right to purchase two adjoining 5-acre parcels for $60,000 each and I did purchase them.I am guessing that anyone wanting to sell a property with a lease-option is an indication that the seller does not want to put the property on the market because there are some serious issues that may be hidden.