Crap for 1 to 15k per house if you have to just abandon one because it did not work no biggee.. you have lost next to nothing monetarily. keep the ones that work throw away the garbage let them go for tax's.If your sitting in CA or AU or GB  or other foreign countries and you think these cheap homes are going to make you rich.. then your just perpetuating the greater fool theory in my mind... and the end of the day simple logic has to dictate.. if houses on the open market were any investor  experienced or not can purchase them for 1 to 5k  well then there is a reason.. and there is a reason that in LA or SF or PDX or SEA  or New York or Boston or other prime markets that values are where they are at.. supply demand and ability to pay for the asset.Detroit bottom line just needs to retrench.. if its only 700k pop now and declining and there were housing stock for double that.. it does not take a genius to understand there is a gross over supply and the better owners or tenants are not going to live in the roughest and most dangerous areas of the city they will flee to safer more stable environs because there are massive amounts of homes that can be bought in nice areas for 100k and under.

There's a certain appeal that can't be found in those massive 200+ unit complexes that tend to cost more!

Education + massive action = success.Unfortunately, a lot of people just get the education without much action and they wonder why their investing is going nowhere.Congratulations and thanks for sharing!

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site.http://www.biggerpockets.com/starthere Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site.http://www.biggerpockets.com/starthere Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

It's a pleasure to be with all of you who are taking massive action.  

They will just continue to complain and make a big deal out of everything, and will be a massive drain on your time and resources. 

And you don't have to use the hard money if you have the cash they will just take a bidders fee.So what this has done in our market has created massive competition because their target market is newbies.... lots of people with good credit and 50k who want to get rich buying forclsoures.. at the end of the day people will have different experinces with these from losing money.. to breaking even to make some money.. but no real big hits.. they market to these folks showing them a % return on the 20% down they make .. so if they can make 20% return or better on the down payment then people go for it..

I am not trying to be rude, I am just trying to point out how ambiguous your question is.J Scott gave you a massively wide range for the same reason.When it comes to rehab, there are way too many components to rely on a square foot budget.

I'm London based and right now we're in the middle of a massive housing bubble - very basic 2 bedroom flats can be found in excess of £200,000.