This project is essentially a complete gut that will include addition of roughly 700 SQF, new roof, siding, landscaping, privacy fence, hardwood flooring installation, interior re-design into an open concept floor plan, upgraded kitchen with granite counters, new cabinets, stainless steel appliances, etc.

A happy neighbor can be your best ally while you are upgrading a home. 

Many times the difference in value is a lot more than the cost of the upgrade.  

New roof, HVAC, all hard flooring surfaces (no carpet), upgraded kitchen and bathrooms, landscaping and more!

I left out the important details about how much work the house needs: new windows, roof, no AC, not even a fume hood in the kitchen, sometimes mold issues in the basement, broken windows, landscaping. we basically self manage which is at times frustrating.

Comparable properties range between $260K - $280K.Why I want to buy:Save on rent as the mortgage will be cheaperFix the house and flip it while living in, holding it for 1-2 years for appreciationI would like to offer a low price on the property (reduce 25K+ off retail) since I plan to buy it as is, and upgrade everything in it since everything is from original 1990's construction. 

Does anybody have the statistics on how many REO/ Bank owned properties are there in the US, broken down by state/ county?

The inherited tenants - with the farm of cats and dogs - I mentioned earlier, the renovation following their departure was pushing $25,000 .... yes, we changed the layout and upgraded the kitchen and bathroom ... but only because we had to rip-up the subfloor (and the interior partition walls which sat upon it).  

Hi guys,My tenants has been living in the house for over 4 years now wants to upgrade the carpets, install new blinds and repaint a few rooms.She offered to pay for all of it as there is technically no reason to change all of this at this time.

On the other side the "devils" are section 8 tenants who don't keep their property clean or in good repair (holes in the wall / broken doors / damaged cabinets / etc.) and seem to be the black sheep of the neighborhood.