An investor tried to Reno the basemento & his contractor took out the support beams and the floor collapsed.

Getting laser focused on the type of returns you want will help you evaluate property much quicker as well.

So i am currently working on putting a house under contract and upon inspection, i noticed some pretty extensive fire damage to some of the support beams running in the basement.

I find that endurance athletes are equipped with key behaviors that position them to succeed as investors:Long term orientation Recognition that there will be good periods and bad periodsAppreciation for consistent, incremental progress over long time periodsPerseverance/grit/determination Mental toughness Laser-focused on long-term goalsIntrinsically motivated (with intensity)Apprection for hard workI’m a lifelong marathoner (Multi-time finisher:  San Francisco, Chicago, Boston, Portland, Big Sur) and investor and believe that participation in endurance sports can teach us many things about the qualities required to succeed with investing activities over the long term.

We added beams to create an open floorplan living room and kitchen space, a master suite and added two bedrooms and a large utility room upstairs.

We added beams to create an open floorplan living room and kitchen space, a master suite and added two bedrooms and a large utility room upstairs.

However, I've read to proceed with caution when adding insulation to old brick building (100+ years in my case) because it can result in freeze/thaw damage due to increased moisture, rotting joists and beams that are embedded into the wall, etc.I believe one of my upstairs units along the same wall is lacking insulation as well, which has resulted in frost in the drywall on really cold days (see attached pics). 

In no way am I saying you cannot do multiple things in REI or utilize different niche's and strategies but I believe you should put laser focus on one and do it until you become an expert in that area. 

But some of the issues are foundation caving in, one of the main support beams is rotted away and no longer attached or supported by the sill, rotting sill in basement and on some windows, the drain line is heavily corroded and has large holes allowing water/waste to spill into cellar which has caused soil erosion and sink holes collapsing the basement floor above the pipe, both sets of stairs down to basement need to be replaced, Back deck and stairs has to be removed and replaced due to rot, rodent infestation causing chewed wires in both attics, multiple fire doors needed which inspector said they can run about $2500 each ect.

Very few listings will discuss things like knob & tube wiring, fieldstone foundations, cedar post supports & beams, damp basements, horse hair plaster, uneven floors, condition of HVAC equipment, mold in the bathrooms and basement, brands of kitchen appliances, quality of light fixtures and cabinets, height of ceilings, quality/age of windows and doors, etc.