Ah Josh, I just heated up a bag of popcorn, this could have been fun!

I have a few favorite memories:Roach House: Too young to do much around the house, as the brothers and Dad pulled up the carpet, I spent hours sucking up roached in a vacuum as thousands (seriously) crawled up the wall.Dirty toilets: It's amazing what chlorine bleach and elbow grease can do.Palm Springs: Landscaping in 120 degree heat.

If you buy that older home in the right area and do a little work to it you can usually close the gap on the rent difference by another 5-10%.On the older houses though you need to know what you are looking at as far as the structure of the building and the mechanics (plumbing, electrical, heat).

A 5% rent increase is not going to cover the 37% increase in heating oil this coming heating season.

This could include mortgage or private lender payments, electric, heat, water and anything else that you pay during the time you own the property.How long it takes depends on many factors.

Now there are some expensive repairs that the house needs: DETERIORATED LEAD BASED PAINT ; EVIDENCE OF MOLD ; REPLACE HEAT PUMP ; REPAIR PLUMBING ; REPAIR HVAC DUCTWORK ; REPAIR SIGNIFICANT CRACKS IN FOUNDATION ; CORRECT GROUND GRADE TO PREVENT WATER INFILTRATION ; REPAIR FRONT PORCH STEPS ; REPAIR WINDOW Just wondering if this would even be worth considering.

I replaced the copper pipes w/ Flexible PVC; looks like garden hose but is bendable and if heated w/ blowtorch, retains its original straight shape.

I've got access to hardwood floors quite cheap, and I figured that would be one thing (much cheaper than carpet).Would you go electric or gas for heat?

The REO I want to buy has been vacant since November without heat or a/c.

The income of the tenant; inclusion of appliances; the power source (gas or electric) for heating and other appliances; whether it's an initial Section 8 leaseup; etc are all factors in the rent Section 8 will pay.