I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

If it is a primary residence it gets resolved fast, however when is an investment property it is a real pain to get them out. 

Great idea, although conventional and FHA renovation loans are somewhat of a pain to qualify for.

@Ed HoffmanYou can do it by registering the NY LLC in PA. In

There is much to learn: pricing, marketing, screening, contract law, lease enforcement, late/unpaid rent, property abandonment, squatters, maintenance, tenant neglect or abuse, communication, and 417 other things.Buying a decent property but not managing it well can impact your finances, marriage, sanity, physical health, and desire to invest.

@Shelan Davis, I am going through similar pain.

I also received a letter from the county saying that my property is in violation of several health and safety codes. 

(I also had to come to CA for health reasons, so I am not sure if that is an exception)- If I use any of the above, can I use a portion of the money to pay off personal debt?

Depending on your area, it can be a pain to set up multiple LLCs and keep them running.

Here is text from sb13 “the violation is not necessary to protect health and safety, as determined by the enforcement agency, subject to specified requirements.”