While living in a high-cost area can present challenges, it also opens doors to creative strategies, like investing out of state or leveraging partnerships.

Determine Your BudgetSet a Realistic Budget: Consider the cost of tuition, living expenses, and your financial situation.Mortgage vs.

That could make financing the rehab a little smoother.3.FHA 203(k): If the rehab costs and scope fit within the FHA guidelines, refinancing into a 203(k) loan could work.

Refinancing has more nuances than it seems, and so do closing costs.

Wage growth is still running at over 4%, above core inflation.This permeates to all workers, including the construction trades, and thus, to the price/cost of homes.

I would strongly consider building equity to make a stronger down payment and further decrease your monthly cost. 

The mistake could be costly.

I don't want to get into specifics but we passed on the property for a couple of reasons you mentioned.

From there it is really just a matter of determining comps, cost to rehab a property, and your timeline.I have helped several investors flip their first home in Austin and learn how to do it effectively.

In the case of the stolen furniture I would also ask how did the police offer develop the competence to read a lease and decide that was a reason to not pursue the case?