Hey @Chris GarnesI just came across your post, and it immediately reminded me of a project I handled with a colleague in San Diego, Dennis Bragg - https://www.biggerpockets.com/business/page/3607  - You’re sitting on some serious potential with these two properties, and your plan to step back from construction while finishing them makes total sense.For Home 1, with no mortgage and a prime design upgrade underway, you’ve got flexibility that most investors would envy.

Some might not be livable at purchase but 5k still seems cheap unless there is something off with the data. maybe the prices were reduced on unlivable properties due to back taxes being part of the deal for the purchase.

The 'good guys' on here can help the newbies by pointing out the very obvious trolls......Just my $0.02 I think if we have active moderators and active community to help put them back in the bag it will be fine as well.

Raquel,I'd like to welcome you back in Indy.

They seem to keep going back and forth on this issue.

I do not flip flop back and forth between them. 

Quote from @Joey Backs: Hi all, first post here!

@Joshua Lanzieri when renovating older properties there are almost always negative surprises.Go watch any HGTV renovation show and most of them will have this as a cliff-hanger, forcing the choice of either going over budget or cutting back elsewhere.10% overruns happen often, but 50% is NOT acceptable!

Another nice bonus of using this as a funding source is no closing costs, big help on the front end.Obviously, if all goes relatively well, the plan would be to hold these properties as rentals and refi at some point down the road when rates on mortgages drops back down a bit, whenever that may be.

However, when peeling back the layers I find myself at dead ends time and time again.