I don't believe that this is a lender that just wants you to default so that they can foreclose and take the property themselves because that doesn't make financial sense for them if the numbers I put at the beginning of this reply were anything close to accurate.Doesn't make sense with the lender but we will see if it happens.fix and hold or lose your shirt and sell as is.

For example, get electrical up to date first since its a 1963-style ranch house.

Both are active style of investing so note that there's a big learning curve either way.

The reason why I do it this way is because I do a open house style, for showings. 

Houses would be Dwell/Ikea style with a progressive and educated market.

The adjustments made are based on Marshall Swift cost guidelines for the geographic area, a fireplace might be stated as $5,000, but the style, design, quality of materials, workmanship and even size (like a 6' open stone fireplace with 200 pound stones) is a matter of opinion.

(That's not my style, but it is what they chose.)You win at "Specific Performance" if the other side walks.

Quote from @Michael Moreno:I am a 23-year-old beginner real estate investor, Bonus advice: don't try to look like you're a 53-year-old lawyer, wearing white shirts, suits and ties everywhere  ;) 

That’s reallly where I like being, I rather buy 100 doors at $200 per door, than 10 for $900... get decent cashflow today, and the wealth tomorrow type thing.We buy dozens of SF units each month in one arm of my real estate business, which can include the low volume hard rehabs, or high volume turkey style properties.At the sametime I’m also investing my cash into MF directly myself, or via syndications. 

I think you could take it a step further than Mobile Home style parks, and design it to feel more like an actual neighborhood, just smaller!