you might need a realtor to help you get this. i'd try to get #s from a few diff ones, and stress that you want to know what it'd go for if it was all newly renovated.then x that number by 70-80%. 70% is safer. 80% is pushing it.now, subtract the renovation costs. this looks like a gut to me. here are some $ per square foot that i've seen the pros use for gut renos: $40, $75, $40, $25, $65. bolded numbers are from heavy hitters in the RE world. so let's say $70. $70 x square footage of the house = rehab cost.now minus holding costs during reno (tax ins util etc), and closing costs on both ends (front end to buy it, back end to flip or BRRRR).once you subtract the rehab cost, holding costs, and whatever closing costs you'll have to pay on the front end (and back end if you'll flip or BRRRR), that's your max allowable purchase price. if you come to a price that's way lower than they're asking, you can explain how you came to your number, sometimes that helps bring them back down to reality. hope this helps!

It’s correct to have fears of investing out of your own backyard but why discourage people from being bold and following their dreams?

I did it again with a BOLD to clarify....

I am considering pulling my savings out of my 401k to expedite my liquid cash but know this is a bold move and comes with some tax penalty and income taxes.

That's bold, I can't imagine having properties in different states.

I will however make another observation - capitalizing full words and bolding strings of characters doesn't make it more correct or give it more weight; from an online perspective, it makes the poster seem hysterical and a zealot.

We learned discipline and to be bold in taking action. 

I know the YouTube videos all talk about "how to buy your first rental if you're broke" and have creative, bold advice on how to leverage other people's money.

Quote from @Hue Quach: Hi, I recently have gotten approval for my plans to build an ADU I the city of Glendora in California.

I have 40K and would like to make a very bold move into real estate investment.