I would recommend you move forward and take action with a very small flip, such as a cheap house that just needs some paint and carpet. 

Long story short, evicted the tenant, put on a new roof, painted the walls, replaced carpeting, added a 1/2 bath, got a new amazing tenant in place (they have since finished the basement, added security alarms, painted walls, added cabinetry... all on their own dime) paying $850 a month.Fast-forward again to last year.

Facts:$757k purchase price$752k total debt, $260k of which is past-due debt$925k ARV, only needs paint & carpetGross profit, before the costs of financing, is expected to be $90-$100k.  

So, I've done a bunch of different kind of fixer-uppers that required NO carpet and paint.  

Two of our rentals have taken on water and our personal home might too.I was thinking about going over there as soon as the water recedes under slab and start shop vacuuming, ripping out baseboards/door trim and sheet rock and insulation, and setting up fans.

In older houses you have to be weary of lead paint, asbestos, knob and tube wiring and plumbing!

@richbaer as in no lead paint?

Paint over it, drywall over it, cover it.

I ripped mine out because I pay water and it is a fortune in the town.

Painting standards?