However, in private financing it is customary for the borrower to foot those costs.You can find each institution's registered account and arm's-length mortgage guidelines, and fees on their respective websites.

Ugh.In all seriousness, I think for $50,000 with a 1200 square foot house in Michigan should be able to modest rehab.

It may be harder to find that type of property in a rural area with acreage, but it's a way to get your foot in the door as an investor and also have a place to live. 

So relieved I did my due diligence and came here!

Do not shoot yourself in the foot and walk away from what could be a great property.

Real estate investing has been a passion of mine for time with my mother also having invested early on where I likely have gotten the love and desire to follow similar foot steps.I have taken last 6 months to educate myself and currently own a single family home as primary residence and would like to expand to multi family properties (2-4 units) for additional stream of income, not to mention potential tax benefits for long-term investing.Based on current living situation, I have a fair amount of equity established in my primary residency along with having enough cash to either pay off house completely or use towards investing in a multi family property.Given that I'm the sole source of income for our household with my wife being the home maker for our two kids under 2, trying to weigh out risks with getting started now or perhaps waiting. 

I would just excavate a few 2'x2'x2' (or larger if possible) spot footings, w rebar and Simpson hardware,under the house (you will want to take up the floor to make this easier to do).

Working doesn't relieve you of your contractual obligations. 

This is a "foot in the door" asset type!   

Note: We do 50+ investment property loans a month and the most important thing I tell BUYERS of properties being sold as or soon to be STR is make sure you are paying the market price per square foot and do NOT buy based on income approach/CAP rate.